What is Currently Not Collectible (CNC) Status?
A taxpayer may qualify for Currently Not Collectible (CNC) status when the IRS recognizes you cannot pay the taxes due. It is a temporary delay in collection until your financial condition improves. The taxpayer may be required to fill out a financial information statement to prove financial hardship. A tax lien may be filed during this time and penalties and interest will continue to grow. However, no bank levies or wage garnishments will be issued during this temporary delay.
Get Professional Help with Negotiating Currently Not Collectible Status
If you’re considering negotiating currently not collectible status, it’s best to have a professional by your side. Tax Response Center’s tax professionals are experienced in preparing, submitting, and settling these cases. They can answer any questions you have and help you assess your options.
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Tax Response Center is a top-rated tax resolution company that provides tax relief services and tax debt help for individuals and businesses throughout the United States.