You may have heard of people owing the IRS a huge sum of money who claim to have never repaid a penny of it and wondered if this can possibly be true? Are they crazy? We are, after all, talking about the IRS—the country’s most formidable creditor. If you owe […]
Currently Not Collectible CNC
If the IRS agrees that you can’t both pay your taxes and your reasonable living expenses, it may place your account in Currently Not Collectible (CNC) (hardship) status.
So, something in life or business didn’t go according to plan, and now you’re faced with an IRS tax liability. While few people relish being a collection target of America’s most formidable creditor, there may be a silver lining. You may have options which could significantly reduce the amount that […]