Currently Not Collectible IRS Status for Businesses & Individuals
Our team at Freedom Tax Resolution is here to help individuals and businesses struggling with back taxes and cannot pay their debts. One option that may be available to you is Currently Not Collectible status, also known as CNC. This status halts the IRS collection process for a period of time, giving you a reprieve from aggressive collection actions.
What is Currently Not Collectible?
Currently Not Collectible status is a temporary designation that the IRS can grant to individuals and businesses experiencing financial hardship and cannot pay their taxes. While in CNC status, the IRS will stop its collection efforts, including levies, wage garnishments, and property seizures. It is important to note that being placed in CNC status does not entirely eliminate your tax debt. You are still responsible for the amount owed, but the IRS will work with you by temporarily suspending collection actions.
Who is Eligible for Currently Not Collectible Status?
To be eligible for Currently Not Collectible status, you must demonstrate to the IRS that you are facing financial hardship and are unable to pay your tax debt. This typically involves providing detailed financial information, including your income, expenses, assets, and liabilities. Our team at Freedom Tax Resolution can help you gather the necessary documentation and present your case to the IRS in a way that maximizes your chances of being approved for CNC status.
Reasons for Currently Not Collectible Status
There are several reasons why an individual or business may be eligible for Currently Not Collectible status. Some common situations include:
- Unemployment or underemployment: If you have lost your job or are unable to find work that pays enough to cover your basic living expenses, you may qualify for CNC status.
- Serious illness or disability: If you are facing significant medical expenses or are unable to work due to a serious illness or disability, the IRS may grant you Currently Not Collectible status.
- Natural disasters or other emergencies: If you have experienced a natural disaster or another emergency that has significantly impacted your finances, you may be eligible for CNC status.
How to Apply for Currently Not Collectible Status
Applying for Currently Not Collectible status can be a complex and time-consuming process. Our team at Freedom Tax Resolution
has extensive experience helping individuals and businesses navigate the CNC application process. We will work with you to gather the necessary financial information, prepare a comprehensive case to present to the IRS and advocate on your behalf to secure CNC status.
It is essential to act quickly if you believe you may be eligible for Currently Not Collectible status. The sooner you apply, the sooner you can stop IRS collection actions and work towards resolving your tax debt. Our team is here to guide you through the process and provide you with the support you need to achieve financial freedom.
Contact Freedom Tax Resolution for Help with Currently Not Collectible IRS Status
If you are struggling with back taxes and cannot pay what you owe, Currently Not Collectible status may be a viable option for you. Our team at Freedom Tax Resolution is here to help you navigate the CNC application process and secure relief from IRS collection actions. Contact us today to schedule a consultation and learn more about how we can assist you with Currently Not Collectible IRS status for businesses and individuals. Let us help you achieve financial peace of mind.