Currently Non-Collectible
Those taxpayers
experiencing a financial hardship to the extent that they cannot afford to pay
any amount owed to the IRS may qualify for Currently Non-Collectible (CNC)
status. Taxpayers should be mindful that CNC status is temporary and
penalty and interest continue to accrue. For those taxpayers that do not
qualify or choose not to pursue an offer in compromise and cannot afford to pay
via an installment agreement due to financial hardship may benefit from CNC
status. Marc D. Marsico, Esq., can advise you if this is the best option
for your specific tax matter.
