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When your account is placed in uncollectible status, it allows you to stay in tax compliance status, without worrying about enforcement action. It also enables you to recover from a financial setback.
If you are unable to afford an Installment Agreement, "Currently Not Collectible" status, also known as (CNC) may be an alternative. We may be able to help you apply for CNC status if your income is insufficient to support your allowable living expenses. Once considered Not Collectible, the IRS will temporarily stop collection activity against you until it is decided that your financial circumstances have improved and you may be able to begin repaying your tax liability.
While your account remains in CNC standing, the IRS usually will not try to collect from you. For example, It will not levy your assets and income. However, the IRS will still assess the interest rate and fines to your account and might maintain your reimbursements and apply them to your financial liability. You'll also continue to receive an annual expense from the IRS as required under the law.
Before the IRS will place your account in CNC standing it might ask you to file any past due tax-returns. If you ask for CNC standing, typically, the IRS might ask you to provide financial information, examine your earnings and spendings, and also decide whether you can liquidate any kind of assets/property or receive a loan. The IRS may collect the balance you owe if your economic situation has improved when they conduct an annual assessment of your earnings.
The IRS can try to collect your tax obligations approximately ten years from the date they were evaluated. The IRS may suspend the ten year period in particular circumstances. The time the suspension is in effect will increase the amount of time the IRS has to collect the tax. The IRS will not put on hold interest and fine costs, even if it stops attempting to collect the balance due. You may want to consider other possible repayment options within your means before asking the IRS to put your account in CNC standing.
Because of advancements in our technology, we are able to communicate with the IRS electronically, its as if we are in the same office! Faster service and more cost effective!
If you are not happy with our tax services within the initial 21 days, we will give you a 100% refund of services rendered, no questions asked!
You find it, we will match it! Tax Alliance will match and beat (by 10%) any competitive offer. Contact our office today and receive a free no obligation tax consultation.
Because of advancements in our technology, we are able to communicate with the IRS electronically, its as if we are in the same office! Faster service and more cost effective!
If you are not happy with our tax services within the initial 21 days, we will give you a 100% refund of services rendered, no questions asked! We help our clients nationwide!
You find it, we will match it! Tax Alliance will match and beat (by 10%) any competitive offer. Contact our office today and receive a free no obligation tax consultation.
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