Currently Not
Collectible Assistance
Is your Unpaid Tax Bill in a
Currently Not Collectible status? Should your account be placed in a Currently
Not Collectible status? Would any collection attempt cause an extreme hardship
or is just not logically feasible?
The Internal Revenue Service has
the option of placing your tax account in a Currently Not Collectible status if
they determine that they are presently unable to collect the taxes from you by
any means. Once the account is placed in this status, the IRS doesn't attempt
any collection activity against you and the statute of limitations on the tax
bill will continue to run. This may sound like your problem is solved, however,
it may not be as good as it sounds.
WARNING: You must be aware
that if your financial situation changes before the time limit runs out, the IRS
can remove you from the Currently Not Collectible status and once again begin
collection efforts. This can take the form of wage garnishments, liens, levy's,
seizures, etc. Also, the taxpayer should be aware that the statute of
limitations doesn't always start the minute the tax is initially due. It can be
tricky and you should have an attorney to protect your assets. It is often in
the taxpayers best interest to make an agreement, such as an Offer in
Compromise, with the IRS now, when your financial situation is in trouble,
rather than wait until you start making money again and letting the IRS collect
in full.
On the other hand, if you have very little money, no valuable assets or only
assets that you are dependent upon, you could attempt to resolve your account by
having it placed in the Currently Not Collectible status. This can be a risky
proposition unless you meet certain criteria because the IRS can come back on
you anytime.
Whether you are presently in the
Currently not Collectible status or think you should be, you need to talk to our
Professional and Experienced Tax Attorneys. Priority Tax Relief will explore all
the options available to you in order to protect your current and future assets
and put this debt behind you once and for all.
All you have to do is take the
first step and Call Us for a FREE Confidential Consultation. Call Priority Tax
Relief TODAY!
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