Currently Not Collectable
If you have past due tax debt and currently small or no income IRS has a little known viable option for you. You can possibly qualify for Currently Not Collectable status. What it means is IRS will stop all current collection actions against you until your financial situation improve and you'd be able to start repaying tax debt.
Currently Not Collectable status will not happen by itself. You generally need to submit all your income, expenses, assets and liabilities information and IRS will scrutinize them before considering you. And many people are intimidated by the process.
IRS has standards by area on how much you are allowed to spend on housing, food, automobile and household expenses for your family size. If you are above these spending limit your may not qualify for the program. Let us look at your numbers first before you submit them to IRS. We may offer alternative solutions.
Once Currently Not Collectable status is approved IRS will file federal tax lien for each tax year in the program. That is a disadvantage of the program. That can put tax liens on your home and vehicles and will be on shown on your credit reports.
Currently Not Collectable status is generally good for year and half, then you have to be reconsidered. If you have no income you Currently Not Collectable may not fall off until you file your tax return showing income.
As with most tax resolution we recommend you to use professional help to apply for your Currently Not Collectable status. We can save you tax dollars by many other routes as well.
To get started today please submit your information via consultation form or simply call Nicholas A. Trishin, CPA directly at 404-585-1040.