Currently Not Collectible
There are some cases when a financial obligation makes it possible for people to pay back their taxes. IRS categorizes particular tax cases as currently not collectible after it has founded. For getting the best tax attorney Houston can offer give Green Tree a call now!
In the case, the IRS can’t collect a taxpayer’s back tax debt by full payment. with an Installment Agreement, they will put a taxpayer’s account on a CNC status. If an account is placed on a CNC status, the IRS ends its pursuits of activities against the taxpayer.
You’ll find orders of limitation linked along with every tax debt. The clock on these degrees of limitations on the tax debt will remain to work while in the CNC status. Barring any modifications to the financial situation of the taxpayer, the status will continue in CNC until the time when the liabilities expire.
On the other hand, the taxpayer’s cases improve with time and Currently Not Collectible status will be eliminated enabling the IRS to make each attempt to pull together the liability. They will be able to do this thru full payment or Installment Agreement.
Even if a taxpayer doesn’t have the positive cash flow, however, available equity in every asset, which the taxpayer is wholly dependent upon the taxpayer might attempt to fix their liability. But how? This is done by getting their liability out a CNC status.
Furthermore, the determining factor of CNC status is the fundamental circumstance surrounding the reality that liquidation of any sort of assets is not possible or would start a taxpayer significant financial difficulty.
How Green Tree Tax can help?
Here at Green Tree Tax, we often listen from our clients that they cannot imagine what they would’ve done if they have tried to fix their own tax problems alone. Along with a trained team of tax experts and practitioners, case processors and case managers, you can rest assured that our company works hard to seek and negotiate only the best settlements for each of our clients.
If you have any tax issues, feel free and do not hesitate to call one of our tax negotiators now. This easy step could help you on the journey to financial success and stability.
CNC status, while offering immediate relief from IRS collections, is not long-lasting. Taxpayers often have some tax relief alternatives. It could be either entering into an installment agreement or creating an Offer in Comprise when qualified.
We are the leading Tax attorney Houston provider!
If you are having concerns with meeting living expenses, Currently Not Collectible Status might be a good alternative for fixing your immediate problems with tax. Allow our lawyers to help you with your concerns. To arrange your free consultation, contact us Green Tree Tax of Houston at (713) 384-9432 now.