Do You Have Currently Not Collectible Tax Debt in Naples or Fort Myers, Florida?
If you have found yourself in the situation where you are unable to pay back your tax debt it can be beneficial to work with a tax attorney to get the IRS to place your account in a CNC status (Currently Not Collectible).
Ignoring the debt and the resulting problems will only snowball. It is best for you to take care of it as soon as you know you will be unable to provide payment.
Your Naples tax attorney from Babbitt Tax Attorneys work with you to determine your eligibility for a CNC status. After an evaluation of your financial situation is conducted, if it is found that you do not have assets or sufficient income to pay off any of the debt, you will likely qualify.
CNC Status will Place a Freeze on The Collection Attempts
Once the IRS has you marked as a CNC status, they can no longer collect money, seize property or assets, or garnish wages. When your financial situation changes for the better, you will have to start paying off the debt. So long as your finances remain the same, the status will hold.
There is a statute of limitations of 10 years for tax debt.
If you are unable to become financially sound within 10 years, the IRS will not collect. If you are in a financially better situation after 10 or more years, the IRS will never be able to collect past due tax from you, and your debt will be forgiven.
CNC Status Does Not Mean You are Free and Clear of Tax Debt
It is important to note that penalties and interest will accrue while this status stands so it is in your best interest to correct the situation sooner rather than later. Eligibility will be reviewed every few years to make sure you still qualify or work out a payment plan.
Naples tax relief attorney Todd D. Babbitt knows the ins and outs on qualifications for you to gain CNC status. He will review your situation and see if you are eligible for CNC. If you are not eligible, he will find another way for you to pay off your tax debt.
www.BabbittTaxDebt.com 239-300-9492