Are you unable to pay taxes because of your current life situation? Currently Not Collectible status placement may be a good option for you. Polston Tax Resolution & Accounting can help!
Currently Not Collectible status may be a good option for you if you have little to no income. If you cannot pay taxes because your monthly income is less than your monthly expenses, the IRS may allow you to pay nothing at all and avoid seizure of the few assets you may have.
The Internal Revenue Service may place your account in an IRS Current Not Collectible status automatically if they determine you are unable to pay, however this does not usually happen. In most cases, you will have to prove your inability to pay by providing evidence and submitting various forms and documentation to prove your eligibility. If you find yourself in a situation where you must apply for Currently Not Collectible status, Polston Tax Resolution and Accounting can provide information regarding the process and whether or not you may qualify.
Our team can also provide you with ongoing consulting and assistance when it comes time for renewal. IRS Currently Not Collectible (CNC) status can be reviewed every two years to verify that a taxpayer’s financial situation hasn’t changed. If it is found that the taxpayer no longer requires CNC status, the IRS will take the account off CNC status and begin collecting taxes. In most cases, CNC status is continued until the collections period expires. If you are retired, or are sure that your income level won’t change, Currently Not Collectible may be the best option for you.
However, in order to know for sure, you may want to contact us today to determine whether or not you qualify. You can call us confidentially at 844-806-2648 to schedule a free consultation or fill out our contact form.