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.
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
Very professional! Recommend.
Michael Halprin November 1, 2023
Amazing experience! Everything went smoothly and Iryna was there to promptly answer any questions. She was very attentive and personable during my interactions. Certainly makes her the person I will... More Tax Reviews be working with here for the foreseeable future.
Gabriel Dantzler November 3, 2023
Работать 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 для частного характера, стоимость услуг очень адекватная и никогда не завышается. Рекомендую ее как высокопрофессионального налогового специалиста. Work with a great professional is a great success. Irina does everything efficiently, carefully and responsibly. she has been preparing my tax returns for many years, she has dealt with both business and private matters.
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Filvis December 1, 2022
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.
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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 not go to any other firm in the future. I highly recommend them.
TakeaBreath Club July 1, 2023
Professional knowledgeable top grade company. Strongly recommend them.
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Very easy to work with and professional.
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Unlike 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 recommend her! She’s a saver.
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Excellent customer service, helpful tips and advice!! Will use them again for sure!
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Nice to work with!
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My 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 Joe and Iryna extremely helpful and attentive , but Iryna took her time to go back and re-file all three years of my taxes, And was able to get everything worked out properly! Also please note, I was receiving letters from the IRS stating that I owe them a crazy amount of money, but Iryna took it into her hands and was able to actually have them write me an apology letter! I will refer all of my friends and family to this business. Thank you Iryna and Mr. Joe! See you next year!
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Thanks Iryna. You are the best
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Fast and reliable
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This 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 company that has a heart not only money making . I met Iryna by accident subcontracted by the company I thought would do for my best interest but they did not accomplish my goal . I would highly recommend Tax Service Masters specially Iryna Teixeira she is most dependable .
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.