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Posts Tagged ‘currently not collectible’

currently not collectible

Are You Currently Not Collectible?

June 16, 2016

Although you should plan on resolving any delinquent tax bill, you may not necessarily have to pay the entire amount at once. In fact, you may not be required to pay anything, depending on your circumstances. There are several items to consider when you receive notice of an IRS debt, beginning with what your letter actually means. Notice of Assessment In the event that you pay too little or simply fail to pay a tax liability, the ...

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what is a formal resolution with the irs

What is a Formal Resolution With The IRS?

October 30, 2015

When taxpayers owe the IRS more money than they can afford to pay, a formal resolution may be needed to prevent collection actions. What’s The Difference Between an Informal and Formal Resolution? There are two types of resolutions: informal and formal. In an informal agreement, the taxpayer works to send payments to the IRS to satisfy a debt. In a formal agreement, the taxpayer and the IRS enter into a written agreement where both agree that the ...

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tax debt

Why Your Tax Debt Might be Currently Not Collectible

October 30, 2014

You may feel a financial strain from day-to-day living from simply not making enough money or being stretched too thin with credit card debts. If you add a tax debt into the mix, it may push your finances to the breaking point. Fortunately, the IRS makes exceptions for those facing financial hardship as a result of having to pay back taxes. Depending on the severity of your circumstances, you may be eligible for Currently Not ...

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tax debt resolution

Tax Debt Resolution Through Currently Not Collectible

September 08, 2014

When the situation arises where you do not have the financial potential to pay the back taxes that have collected, rest assured as there is a relief because of the Currently Not Collectible (CNC) option. The IRS will require evidence of the financial austerity by form 433-F, collection information statement, before considering the person for the status of the currently not collectible. To assess that the taxpayer is capable of paying the tax debt ...

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