Currently Not Collectable

Currently Not Collectable

A tem­po­rary solu­tion to a tax prob­lem is being clas­si­fied as Cur­rently Not Col­lectible (CNC). If approved by the IRS, your sta­tus will tem­porar­ily be sus­pended from any col­lec­tion activity.

A tax­payer has to show that he or she if going through finan­cial hard­ship and can­not cur­rently pay the tax debt. Part of the con­sid­er­a­tion for the CNC is prov­ing that pay­ing the tax lia­bil­ity, even with an install­ment agree­ment or an offer in com­pro­mise, would cause the tax­payer to have prob­lems pay­ing for liv­ing expenses. The tax­payer will have to show that the expenses are more than the actual income.

The whole objec­tive with this sta­tus is that all col­lec­tion activ­ity will cease. Of course the IRS will ver­ify from time to time, but it might be pos­si­ble to be in this sta­tus till the legal col­lec­tion period ends.

Penal­ties and inter­est will con­tinue to dur­ing this time. The IRS may pro­tect their inter­ests by plac­ing liens on your property.

For more infor­ma­tion on this option please call Tax Release Inc. right away. If approved all the col­lec­tion activ­ity will stop until you would be finan­cially ready to con­tinue pay­ing off your liability.