Are you having trouble affording even small monthly payments on your back taxes?
You might qualify for IRS hardship or Currently Not Collectible status. East Coast Tax Consulting Group will evaluate your unique situation to determine whether Currently Not Collectible status is the best tax resolution strategy for you.
If a taxpayer has demonstrated that collections have caused economic hardship, the IRS will pause tax collection activities until your financial situation improves. Unless your financial situation changes you will remain in IRS uncollectible status until the statute of limitations on collections expires. When you reach the statute of limitations, your tax debt is forgiven.
Under Currently Not Collectible status, the IRS will also release any levies and garnishments that have been issued against you. However, interest and penalties continue to accrue on your unpaid taxes during this period.
Do I Qualify for IRS Financial Hardship?
To qualify for Currently Not Collectible Status, you must prove that you cannot afford to make payments on your back taxes after paying all of your reasonable basic living expenses. You’ll need to provide the IRS with thorough financial information. In addition, you must not have any equity in assets that you can sell or borrow against to pay your taxes. Our knowledgeable CPAs will assist you throughout the process to ensure that you’re eligible for the break you deserve.
The tax resolution specialists at East Coast Tax Consulting Group will determine whether IRS financial hardship status is the best solution for your tax debt situation. If Currently Not Collectible status is not a fit, we’ll find an appropriate strategy to resolve your back tax debt.