For those who have tax debt, it can be difficult to know where to turn. You might feel like your back taxes are a burden that you carry. Dealing with the IRS can be intimidating, and you might not be sure what options you should explore to relieve your tax debt. However, Solvent Tax Relief offers a number of tax resolution services to help taxpayers settle their tax debt.
One option that your tax professionals might explore is currently not collectible status. For those who cannot pay their tax debt, this status makes it so that the IRS cannot seek payment for back taxes. If paying your tax debt will create financial hardship for you or your family, this option can help you get back on your feet.
Reach out to Solvent Tax Relief today at 800.985.9426 if you are struggling with tax debt or other tax issues.
What Is Currently Not Collectible Status?
Having this status simply means that the IRS will not be able to collect payment from you for a certain period of time. This status can be achieved if you are in a financial position that will make it impossible for you to pay off your debt.
The IRS wants to collect any money they can. They will look into your savings accounts, assets, and income in order to see if they can receive some payment each month. However, if you qualify for currently not collectible status, they will not place a lien or levy on your home or bank accounts.
Each year, the IRS will review your financial documents to determine whether you still qualify for currently not collectible status. They will review this information from your tax returns or W-2s. If your financial situation changes, you might no longer be eligible for this status. The IRS will then begin the process of collecting payment once again. However, if you continue to be eligible for currently not collectible status for more than 10 years, your tax debt will be settled without having to pay anything. This is because the statute of limitations for collecting back taxes only extends to 10 years. During this time, you should be sure to prepare and pay tax returns as not to incur further tax debt.
If you think you could qualify for currently not collectible status or need help dealing with the IRS, reach out to Solvent Tax Relief at 800.985.9426 today.
How Can You Get Currently Not Collectible Status?
In order to receive currently not collectible status, you’ll want to contact a tax professional. They can walk you through the process of requesting this status with the IRS and will talk to the IRS on your behalf.
First, you’ll contact the IRS to find out what information they need to determine your status. You will need to prove that you are not currently able to pay off your tax debt, even in monthly installments.
While currently not collectible status does not settle your tax debt, this option can give you time to save and explore other options to resolve your tax issues.
Contact Solvent Tax Relief to Learn More
If you are facing tax debt and you think that you might qualify for currently not collectible status, reach out to Solvent Tax Relief’s team of professionals today. We’ll investigate all options to determine how we can save you money while resolving your tax debt. Our services include:
- Audit representation
- Tax consultation services
- Tax preparation services
- Tax settlement services
- Tax negotiation services
Reach out to Solvent Tax Relief for an initial consultation today. Take your life back from tax debt by contacting us at 800.985.9426 to learn more.