UNCOLLECTIBLE OR NOT ABLE TO PAY
There are times in which the IRS understands it would not be fair to collect the taxes
owed at a certain point in time because it would create unfair financial hardship on
the taxpayer. The IRS will declare taxpayers currently not collectible for a period
of time until their financial situation improves sufficiently to allow them to pay
IRS employees have greater authority to suspend collection actions in certain hardship
cases where taxpayers are unable to pay. This includes instances when the taxpayer
has recently lost a job, is relying solely on social security or welfare income, or
is facing devastating illness or significant medical bills.
One of the ways to legally avoid or postpone your tax debt is to be declared CNC or
"currently not collectible". The IRS can declare you as CNC, if after reviewing
sufficient evidence, that you have do not have any current ability to pay the tax
you owe. Once the IRS determines that you cannot pay any of your tax debt due to
an economic hardship or inability to currently pay and declares you currently not
collectible, the IRS must immediately stop all collection activities, including
levies and garnishments.
While you are in the non-collectible status, the 10-year statute of limitation on
tax debt collection continues to run. If the IRS cannot collect the tax you owe
within the 10-year statutory period, called the Collection Statute Expiration Date
or CSED, then your tax debt will expire and you'll owe nothing to the IRS.
BA Tax Service
Tel: (918) 258-0009
Fax: (918) 251-6995
505 North Aspen Avenue
Broken Arrow, OK 74012
|© Smith Tax & Accounting, Inc. All rights reserved.|
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