Currently Not Collectible

Every year, millions of taxpayers file and pay their taxes, but each year there are 4 to 5 million taxpayers who find out that they owe money but can’t afford to pay their bill. Most of these people are able to work with tax solution companies and the IRS to come up with payment plans, but that still leaves millions unable to pay their taxes. If you want to pay the taxes that you owe, but cannot afford to do so at the moment, you can request Currently Not Collectible (CNC) status from the IRS.

A typical scenario

A taxpayer falls behind in filing their tax returns or sending tax payments to the IRS. Either way, the IRS begins its usual collection process, which involves calling the taxpayer, trying to visit them, or in the worst cases, garnishing the taxpayer’s income or seizing bank accounts.

If the taxpayer can prove that paying the money that they owe would cause undue economic hardship, they can qualify for CNC status, which will stop the IRS from trying to collect they money it is owed.

How to get Currently Not Collectible status

Qualifying for CNC status can be tricky. You need to convince the IRS that you’re not able to pay your tax bill without it having a significant, negative impact on your life. That means documenting all of your assets and sources of income. If the IRS finds a hidden nest egg or a big income stream, you won’t be able to get CNC status and might be better off with a payment plan.

What comes next

It’s important to know that CNC status isn’t permanent. If your finances improve, the IRS will want to start collecting the money it is owed. While CNC status defers collections, interest and penalties will still accrue.

The IRS will regularly check in with you and use your tax filings to determine if you should lose CNC status. If you maintain CNC status for a full 10 years, the IRS will likely write off the money that you owe.

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Work with Taxrezo

If you owe money to the IRS, Taxrezo is here to help. With an A+ rating from the Better Business Bureau and business licensure in all fifty states, you can feel confident that we are here to help. Our tax professionals have experience in dealing with every type of tax problem and working directly with the IRS to solve these problems for our clients.

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