State or IRS Enforced Collections Relief

IRS Hardship Status, AKA IRS Currently Not Collectible Status, or CNC Status, is a great option for taxpayers who are facing financial hardship. The IRS generally will request a 433A or F, which is a financial form detailing out your income, expenses, liabilities, and assets. Generally, the IRS requests supporting documentation so it is very important to fill out this form correctly and to make sure that all supporting documentation is available to the IRS. This is essentially why working with a tax professional is a good idea.

When you request your free consultation, you will be asked some financial questions in order to see if you qualify. If you do qualify for a CNC status, you may also qualify for an OIC which is sometimes a better option if you expect your financial situation to change in the future.

An OIC allows taxpayers to pay less than the total amount owed if they meet the strict guidelines.

Her Are Some Other Options You May Qualify for:

• Partial Payment Installment Agreement: Allows the taxpayer to make small monthly payments towards the tax liability. The tax amount may be forgiven if it is not all paid back before the collection statutes expire.
• Fines Abatement: If the taxpayer has an acceptable reason for not staying in compliance with tax laws there is a possibility that they may waive fines that were charged.
• Amending tax returns: Many situations come up where the taxpayer may have made errors with prior filings or the tax authorities filed on their behalf which caused them to owe more taxes than they actually did. In these situations an amended tax return will be filed to lower the tax liability.

Be wary of tax companies that promise they can reduce taxes because there is no way of them knowing for sure before knowing your complete tax and financial situation.