Are you currently unemployed? Did your business shut down because of the taxing authorities or other creditors? Are you left with nothing but a large IRS trust fund tax bill? If so, think currently non-collectible.
Our client was shut down by the utility company for unpaid electric bills and he could not afford to continue to keep his business in operations. However, he was left with a tax bill of $37,000. He is a relatively young guy and wanted some time to think, get back on his feet, and get a job prior to seeking a resolution of his tax debt. The best strategy for him at the time was currently non-collectible. We sent in the financial statement form to the IRS (Form 433-F) and included copies of bills, unpaid bills, late bills and shut off notices. Clearly the client was barely making it. Therefore we asked the IRS to put the case into non-collectible.
The IRS granted our request and the client will not be responsible for paying on his tax bill for a period of at least 1 year. At times our client’s simply need to figure out what will work best for them. In this case, currently non collectible was the perfect strategy and when our client begins working again, we will investigate other strategies for him to pursue.
If you feel you cannot pay the debt you owe you may qualify for currently non collectible. Call us today at 720-398-6088 to see if you qualify for currently non collectible! Also, visit our website at www.htg2020.wpengine.com.