Regular Post
Written by Scott Allen

IRS Notice CP 504

This is what we call a 90 letter.  The 90 is the number of days from the first notice until this final notice which threatens you with levy action against your wages and bank accounts.  The IRS will also be filing a tax lien if they have not already done so.  This notice is a call to action and in most cases, the services of an IRS resolution specialist is needed to prevent further damage to your credit and finances.  Most of the time the fear associated with the IRS is worst than the actual consequences of dealing with the problem correctly.  

Scott Allen E. A.

Tax Debt Advisors, Inc

www.taxdebtadvisors.com

– – info@taxdebtadvisors.com

IRS Problems
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Regular Post
Written by Scott Allen

CNC Status and Discharging Taxes in Bankruptcy

Can I discharge taxes in bankruptcy?

CNC stands for currently not collectible.  That means that the IRS does not require you to make any payments towards your tax liability.  Almost all of our clients who want to discharge taxes in a bankruptcy will have to wait 2 or 3 years depending on the assessment dates of past returns with taxes owed.  If you quality for a CNC status, you have the benefit of not having to pay any money towards your tax debt while you are waiting to discharge your taxes in a Chapter 7 Bankruptcy.  The important question to get an answer on is then—do you qualify to file a Chapter 7 bankruptcy.  There are limitations to the amount of income you are earning and assets you own.  A consultation ahead of time can allow you to prepare for qualification to discharge your tax liability.  Scott Allen EA of Mesa Arizona in 85204 offers free consultations for IRS debt settlement options. Give him a call today at 480-9269300.

Scott Allen E. A.

Tax Debt Advisors Inc

www.taxdebtadvisors.com

 

IRS Problems, Tax Bankruptcy, Tax Debt
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