Currently Not Collectible Status
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Currently Not Collectible Status
Currently Not Collectible (CNC) status allows people suffering financial hardship to defer paying their tax bill until their situation improves. For example, someone who is unemployed may be unable to make any tax payments. The IRS will conduct annual assessments of your income to verify that you still qualify for CNC status. If your financial situation has improved, collections efforts will resume.
While in CNC status, the IRS will not try to collect anything from you and will not levy your property. However, the statute of limitations on the collection period may be suspended, which will extend the time the IRS has to collect past due taxes. The IRS also won’t suspend interest and penalty charges. You may want to consider other payment options before asking for CNC status.
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DeSena Nickerson LLC.
Certified Public Accountants
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Before Paying
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CLICK HERE
for our special
report on 7 things
the IRS doesn’t
want you
to know