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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 or not the IRS will review all the financial information of the applicant, including all assets and income sources to judge the taxpayer’s capability to pay the tax debt.

After the review, if the taxpayer has no assets, no capacity to take a loan, or income that is enough to pay back the taxes then they consider and accept them into the CNC program. If the taxpayer is declared CNC, the IRS has to stop all collection including levies or garnishments. The IRS will send an annual statement of the tax which they owe but it is not considered a bill.

Even in the not collectible status, the ten-year statute of limitations on tax debt will still be running so if the IRS cannot collect it within the tax period, the debts will expire.

The “currently not collectible” status is one of the five methods to evade tax debt. A taxpayer who is facing severe financial distress or tax debt strain should seek assistance from a licensed tax professional specializing in tax debts. Tax Assistance Group is here to provide you with professional help and solutions through this financial hardship.