Currently Not Collectible or Status 53
Wouldn’t it be nice to be off the IRS radar so to speak? Currently Not Collectible status does just that Impact Tax Resolution will help you get there. It’s true your account with the IRS can be removed from active inventory after the necessary steps in the collection process have been taken.
How can I get my account in Currently Not Collectible Status?
Your account may be reported CNC for many reasons. Here are a few.
Inability to locate the taxpayer or assets
Expiration of the statutory period for collection
Inability to collect a liability from a taxpayer living in a foreign country
A corporation or LLC classified as a partnership liquated in bankruptcy
A defunct or inactive corporation with no assets
Death, no collection potential from the descendent estate
The most common Currently not Collectible Status are those dealing with hardships. Hardship may be a terminal illness, excessive medical bills or other life circumstances. If it can be shown that the taxpayer has no assets and very limited income we can make a request that your account be entered in to currently not collectible.
You must understand that currently not collectible status does not rid you of your tax liability. It basically takes you out of the system. There are cases where individuals have never come back on the radar but others that the IRS does check on. Either way once you are in currently not collectible status you can reasonably expect not to hear from the IRS for quite some time.
Other Tax Resolution Strategies
If you qualify for currently not collectible status because of lack of assets and income, it may be beneficial for you to pursue an offer in compromise to settle the total liability in full.
Call Impact Tax Resolution today if you believe your account may qualify for currently not collectible status. We will listen to your situation and give you guidance.
Should you have any questions concerning this policy please feel free to contact us.