Are you struggling with IRS tax debt and feeling overwhelmed by collection notices and demands? Here at the law office of Steven N. Klitzner, we understand the stress and uncertainty that tax debt can bring. Fortunately, there are options available to provide relief, and one such option is Currently Not Collectible (CNC) status.
Understanding the IRS Currently Not Collectible Status
The Currently Not Collectible (CNC) status is a temporary relief option offered by the IRS for taxpayers who are facing financial hardship and are unable to pay their tax debts. When your account is designated as Currently Not Collectible, the IRS temporarily suspends collection activities, providing immediate relief from wage garnishments, bank levies, and asset seizures.
Criteria to Qualify for Currently Not Collectible Status
Qualifying for CNC status requires meeting specific criteria set by the IRS:
- Financial Hardship
You must demonstrate that paying your tax debt would cause undue financial hardship. This involves a thorough evaluation of your income, expenses, assets, and liabilities. - Limited Income and Assets
Your income and assets must fall below certain thresholds determined by the IRS. Factors such as basic living expenses and extraordinary circumstances affecting your financial situation will be considered. - Compliance with Tax Filing Requirements
You must be current with all tax filing requirements, meaning all required tax returns must be filed up to date. - Inability to Pay
You must prove to the IRS that you are unable to pay your tax debt currently, even through installment agreements or other payment arrangements.
Is Currently Not Collectible Status Right for You?
While the Currently Not Collectible (CNC) status provides immediate relief from IRS collection actions, it’s essential to consider whether it’s the best option for your situation.
CNC status is temporary, and interest continues to accrue on your tax debt while it’s in this status. Additionally, the IRS will periodically review your financial situation to determine if you still qualify for CNC status.
How here’s how we can help…
At the law office of Steven N. Klitzner, we are committed to assisting you in obtaining Currently Not Collectible status, easing the challenges associated with dealing with tax debt complexities.
Evaluate your financial situation
With our expertise and guidance, we conduct a thorough evaluation of your financial situation to ascertain if you meet the criteria for CNC status.
Prepare documentation and represent you to the IRS
We assist you in gathering essential documentation and represent you in communications with the IRS to substantiate your CNC status request.
Negotiate and advocate
If changes occur in your financial circumstances or if the IRS necessitates further information, we negotiate on your behalf and advocate for your best interests throughout the process.
Explore alternative options
If Currently Not Collectible status proves unsuitable for your situation, we explore alternative tax debt resolution strategies tailored to your unique circumstances.
Don’t let IRS tax debt overwhelm you. Take the first step toward relief by exploring your options for Currently Not Collectible status with the guidance of trusted tax professionals. Contact us today to schedule a consultation and let’s work together to achieve financial peace of mind.
