Tax Hardships – Currently Not Collectible Status
Currently Not Collectible status is meant for people who are in financial hardship situations, no matter if temporary or permanent. These taxpayers simply do not have the means to pay back their taxes, even in monthly installments. Generally, if your monthly necessary expenses are equal to or higher than your monthly income, you are considered “currently not collectible,” and therefore are not required to make monthly installment payments. To be placed in this tax relief status, taxpayers must go through an analysis by the IRS. Since there are many ways to calculate income and expenses, it can get complicated. You should know what your options are. With our tax attorneys on your side, we will fight for you and help you in any way we can.