Pros and Cons, Do you qualify for CNC?
If you have a financial hardship and lack the money to pay off your IRS or State tax debt, you may have your account put into a Currently Not Collectible, or CNC, status. There are Advantages and Disadvantages of CNC status.
Once your account is in CNC, all levies and garnishment is stopped.
Since the tax debt is not wiped out, IRS may still place a lien on your property and IRS will continue monitor your finances and reopened the tax debt if they determine your financial status improves, and you now have more income to pay for the tax debt.
Offer in Compromise, another way to solve our IRS tax debt.
Officer in Compromise is The Offer in Compromise (or OIC) program is an Internal Revenue Service (IRS) program is a IRS program under 26 U.S.C. § 7122 that will allow qualified Corporations, Self-employed and individuals with an unpaid tax debt to negotiate a settled amount that is less than the total owed to clear the debt. However, it is not easy to get IRS to allow you to reduced your tax debt unless you meet the IRS calculation tables that shows your ability to pay the full tax debt is impossible. DHH is offering free consultation to assess your ability to apply for OIC
June 8, 2020