CNC status for business can be a temporary solution during the economic hardship of COVID — but qualifying can be complicated.
As a business owner dealing with serious debt, you’re desperate for a temporary reprieve. If you’re incapable of getting a handle on your IRS debt at this time, a short-term solution may be available in the form of Currently Not Collectible (CNC) status. Available for businesses, this option places a temporary hold on your need […]
You’ve done the hard work of proving that your tax account is currently not collectible (CNC). The result? Temporary relief from IRS efforts to collect on your debt. Unfortunately, this relief may be short-lived. A lot depends on your financial situation, but you can expect the IRS to make every effort to have your account […]
If you are unable to pay your tax debt through an installment plan, you could qualify for currently not collectible (CNC) status with the IRS. This valuable program can provide relief when you need it most. Keep the following in mind as you consider whether CNC is a realistic option for your situation: 1. CNC […]
Many responsible Americans file their taxes on time, but simply cannot afford to pay what they owe. If you count yourself among these unfortunate individuals, relief may be available in the form of ‘Currently Not Collectible’ (CNC) designation. If your account is deemed not collectible, you could be spared many of the negative consequences that […]
You’ve incurred considerable tax debt and are concerned about your inability to pay; what now? If installment payments are not currently an option, it may be worth your while to explore an alternate approach: Currently Not Collectible (CNC) status. Read on to learn more about this option — and how qualification works: What Does It […]
What is CNC? Will Your Tax Case Qualify? You know that you owe back taxes, but due to your current situation, you cannot afford to pay your reasonable living expenses along with extra money toward taxes. The Internal Revenue Service might assess your financial situation and agree with you, classifying your account as Currently Not […]
The Internal Revenue Service sometimes assesses a taxpayer’s debt ratio and affords him or her the opportunity to delay collection on the account. The IRS calls this action currently not collectible. While the government does not erase or forgive the debt, it determines that you do not have the means to pay right now. The […]