Your Assets Will Be Scrutinized By The IRS

Securing Currently Not Collectible (CNC) status from the IRS is no easy feat. Your assets will undergo thorough scrutiny by the IRS. It may be crucial to sell or mortgage assets with equity before being considered for this status. Maintaining a luxurious asset like a classic Mercedes is inconsistent with meeting the criteria for CNC status; authentic financial hardship is the key. It’s vital to understand that CNC status does not absolve your debt. The IRS will reassess your financial situation every 18-24 months. While in CNC status, penalties and interest will continue to accrue. The advantage of Currently Not Collectible status over other resolution options is that the collection statute remains active, potentially allowing you to outlast the collection clock while in CNC.

The Connecticut Tax Resolution Service will do a complete financial analysis to determine if you are a candidate for Currently Not Collectible status.