CURRENTLY NON COLLECTIBLE
If you're facing financial difficulties and find it impossible to pay your outstanding tax debt, seeking Currently Not Collectible (CNC) status with the IRS can provide much-needed relief from collection efforts. This option is beneficial for both individuals and businesses who are unable to meet their tax obligations. At Assertive Tax Solutions, we specialize in assessing your situation to determine if Currently Not Collectible status is the best approach for securing tax relief.
By demonstrating your financial hardship and inability to pay, you may qualify for Currently Not Collectible status. Our team will thoroughly evaluate your circumstances and guide you through the process, ensuring that you receive the necessary protection from aggressive collection actions that could further harm your financial well-being or business operations.
Rest assured that Assertive Tax Solutions is dedicated to advocating on your behalf and safeguarding your interests. Contact us today to explore your options and find the most suitable strategy for obtaining the tax relief you need.
WHAT DOES CURRENTLY NOT COLLECTIBLE MEAN?
The IRS grants the Currently Not Collectible (CNC) designation when they assess that you genuinely lack the ability to pay your federal income taxes. This designation serves as a temporary measure, providing a respite or "time-out" from IRS collection actions such as tax levies and garnishments. It allows you the necessary time and breathing space to regroup and address your tax issues. While under the CNC status, the IRS recognizes your sincere intent to resolve your tax debt, understanding that your current financial circumstances prevent you from doing so. It is expected that you will make efforts to address the debt when your financial situation improves.
QUALIFYING FOR CURRENTLY NOT COLLECTIBLE STATUS
In order to qualify for Currently Not Collectible (CNC) status, you must provide the IRS with financial information that clearly demonstrates two key factors:
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Your current income and allowable expenses are significantly lower than the total amount of back-tax liability you owe, making it impossible for you to pay off the debt.
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You do not possess any assets that can be sold to resolve the tax debt.
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Once you are granted Currently Not Collectible status, the IRS will cease collection actions against you. However, they will closely monitor your financial situation to determine if there are any improvements. While CNC status prevents the IRS from issuing levies and garnishments, it is important to note that they may still place liens on your property. If you sell any property, the proceeds will be directed towards your outstanding tax debt.
If you are experiencing financial hardships such as difficulties providing for basic necessities, ongoing business losses, personal health issues, or the need to care for an ill family member, Currently Not Collectible status can offer you the necessary time to recover and work towards resolving your IRS tax liability.
At Assertive Tax Solutions, we specialize in negotiating with the IRS to help clients obtain CNC status. Our team will also continue to monitor your account, ensuring that the IRS does not take any actions that could further hinder your financial stability or the success of your business.
If you would like to explore Currently Not Collectible or other tax resolution options, please reach out to us using the contact form provided below. We are here to assist you.
