- CNC Status in lamest terms, is a tax deferment option to taxpayers that can prove financial hardship.
- CNC Status can change if your financial situation changes.
- CNC Status can change when the debt expires (debt expiration is a good thing).
Can Tax Service Masters Help you Seek CNC Status with the IRS?
Yes, it’s a service offered. Clients we represent, that wish to seek CNC will be given a financial disclosure form either in paper or online (client preference). Any documentation needed will be submitted to the IRS on your behalf and a decision will be made by the IRS.
CNC Questions?
What Happens If I am Declined CNC Status?
There are other viable options besides CNC offered to our clients seeking tax resolution. An Installment Agreement or Offer In Compromise are alternate tax resolution services we offer.
Currently Not Collectible Overview
Every year, millions of taxpayers receive returns, the other millions file a return and owe taxes to the IRS. Here’s a ballpark breakdown: Roughly 30 million taxpayers owe taxes verse receiving returns, of those 30 million about 5 million taxpayers can’t pay what’s owed that year. Of that 5 million, 3 million setup what’s called an IA (Installment Agreement) – but what about the other 2 million? The other 2 million (give or take) will seek what the IRS refer to as: Currently not collectible status (CNC). CNC status allows taxpayers in financial hardship to put-off paying their tax bill until / or if their situation improves, or until the tax debt expires.
When Does Tax Debt Expire?
The statute of limitations states 10 years from the time the tax debt was filed. For example, If the IRS Claims you owe $18,000 for the tax year 2013, and you filed on time in 2014 then your tax debt would expire 2024. If you filed late for 2013.. say 2015 then your tax debt for 2013 would expire 2025.
Why Does Tax Debt Expiration Matter?
Tax debt expiration frees you of needing to extend CNC Status, and frees you of a debt that you cannot afford to pay.
A Few Ways to Avoid Needing CNC Status in the 1st Place
Filing on time is a big deal. Did you know the IRS can file on your behalf if you don’t? Also, filing before the crooks beats them to your return (if you’re owed a refund on you return). Lastly, sometimes tax software for the masses works great.. like intuit, and HR block. However, the more you start earning and evolving financially the more you may need professional tax representation.
Tax Service Reviews
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I highly recommend Irina for tax income services, she is very good!
Marina Roublenko
December 1, 2022Iryna is just amazing! Not only is she incredibly personable but very knowledge and overall easy to work with. I have only ever had good experiences and have greatly appreciated... More Tax Reviews
Bella scramoncin
November 3, 2023 -
Thanks Iryna. You are the best
anastasia asipchuk
December 1, 2022Unlike other accountant, Iryna will never give up fighting for your tax case no matter what the issue was until it gets solved! Thanks Vera for recommending her. I highly... More Tax Reviews
Hatem
December 1, 2021 -
Very knowledgeable, professional and quick
Anjelika Hrubar
December 1, 2021My accountant of many years really put me in a bind, she had me three years behind on my taxes. I found the Tax Service Masters, not only was Mr.... More Tax Reviews
Josh Spoto
December 1, 2021 -
This year we were forced to change the old accountant. Came here on a recommendation and we were pleased. Professionally, fast, easy, fair price, understandable. Definitely recommended.
Eugene Pustovalov
March 1, 2023Very professional! Recommend.
Michael Halprin
November 1, 2023 -
Friendly and fast. I received my return before my girlfriend got hers, and she filed online before i did... Thanks Tax Service Masters!
E Rock
March 1, 2023Не каждый день в жизни встречаешь компетентных, профессиональных и отзывчивых людей. Ирина — одна из них. Большое спасибо за ваш совет!!! Я ваш клиент!!! It's not every day in your... More Tax Reviews
Igor Blintsov
August 1, 2023 -
Fast and reliable
Anatolii Oprea
December 1, 2021If you are looking for a professional CPA to prepare your taxes, I highly recommend Tax Service Masters.
ZT Gallery Contemporary Art
December 1, 2021 -
Service was super fast and very professional. I would highly recommend Iryna for your accounting needs.
Alex Mak
December 1, 2021Excellent customer service, helpful tips and advice!! Will use them again for sure!
Cynthia Perera
December 1, 2022 -
Great professional! Always does our taxes quick and very good. Definitely recommend to everyone!
Vladok Americanets
December 1, 2021Thank you very much Iryna . You are a professional. My recommendations
Aliona Taranenka
December 1, 2022 -
Iryna and Joseph are super professional, and their rate very affordable. I am so glad I found them. My situation is complex and they helped me a lot, I would... More Tax Reviews
TakeaBreath Club
July 1, 2023Работать с отличным профессионалом это большая удача. Ирина все выполняет качественно, внимательно и ответственно. Она готовит мои налоговые декларации на протяжении многих лет, она решала вопросы и для бизнеса, и... More Tax Reviews
Tatiana Bertram
December 1, 2021 -
This was my first time coming to this place. Never heard of them before, but I was very impressed. Joseph and Iryna were very knowledgeable, respectful, and professional. This is... More Tax Reviews
J E
March 1, 2023This is the best company you can ask to do your taxes and any related challenges your facing with IRS ...very dependable honest and no sugar coating most importantly a... More Tax Reviews
Evita Yubane
December 1, 2022
Tax Service Masters assists individuals and businesses dealing with tax discrepancies, tax balances, and tax problems of any kind at both the Federal and State level.
Our licensed tax professionals serve residents in all 50 U.S. States as well as foreign residents and nonresident aliens with delinquent taxes, tax penalties, tax liens, bank levies, wage garnishments, payroll taxes, back taxes, tax amendments and more.
