SUSPEND IT: IRS CURRENTLY NOT COLLECTIBLE
FAMILY OWNED TAX DEBT SETTLEMENT BUSINESS SINCE 1977!
If the IRS puts you into a “CNC status” you are not required to make any payment towards your IRS tax debt. To qualify for currently not collectible status you must provide the IRS with financial statements that show an inability to pay. Using an IRS resolution specialist is highly recommended if you are seeking this settlement option. There are a number of appropriate actions that can and should be taken before submitting financial information to the IRS that will help you qualify for CNC status.
The IRS stops all collection actions once you qualify for CNC status and the IRS statute of limitations clock is still running. It is possible to stay on CNC status until the collection period ends. Read expire it if you want to know more about the IRS statute of limitation rules.
However, interest and penalties are still being added to the balance due while you are currently not collectible. If you do not have a valid reason to be in CNC status you may just be adding to your tax problem. If you do into CNC status you MUST have an exit strategy such as letting the debt expire, discharge it in a bankruptcy, or complete an Offer in Compromise. The tax aspects of bankruptcy have changed recently and may continue to change in the future.
IRS Relief is only a phone call away! Call and talk personally with Scott at 480-926-9300!