Currently Not Collectible Status

The IRS has a Currently Not Collectible Status for taxpayers who have faced hardship and are currently unable to pay their tax debt.  Generally it is used when someone is having a difficult time financially.  For example, it may be used if you have lost your job or had your hours cut back. If you are granted this status, the IRS will not continue enforcement actions against you like levies and garnishments.  Because this is a temporary solution, interest and penalties will continue to be charged against you.  The Currently Not Collectible Status is a temporary postponement of paying taxes.  In some cases, a postponement may last up to ten years.  This status is regularly reviewed, and if your circumstances change, you are obligated to notify the IRS.  Koontz & Associates, PL can help you review and complete the forms needed to file for this status.

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