If you have a high balance owing to the IRS, and you are having a tough time making ends meet, then Currently Not Collectible (CNC) is a good status to be in with the IRS.
Think of the CNC as an Installment Agreement with the IRS, except that you pay -0- (zero) dollars to the IRS every month.
But IRS does not hand these out easily. The taxpayer has to prove to the IRS that the household income is not sufficient to meet the household expenses, so there is no left over funds to pay the IRS. If you are thinking of running up restaurant bills to bulk up the expenses, that would not work either.
However, IRS is compassionate in this regard – if you can prove that you are struggling to make ends meet, they usually grant this status. The key is to work with someone who has had success in getting CNC status for their clients.
Once the CNC status is approved, it is generally re-evaluated every two years.
I have helped clients get CNC status, thereby giving them a relief of not having to worry about their IRS debts for a certain duration.
Please call us at 480-442-7063 or go online to set up a consultation. If you do decide to choose me to represent you for your IRS problems, the consultation free is credited to your account.
