- 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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Nice to work with!
David Chambers
November 3, 2023Professional knowledgeable top grade company. Strongly recommend them.
Liliy Kit
December 1, 2021 -
I have hired @tax service masters to open a U.S. based company and a bank account for me. All was done remotely (I didn’t have to even come into the... More Tax Reviews
Marianna Rack
October 1, 2023Iryna 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 -
Excellent customer service, helpful tips and advice!! Will use them again for sure!
Cynthia Perera
December 1, 2022Iryna 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, 2023 -
Service was super fast and very professional. I would highly recommend Iryna for your accounting needs.
Alex Mak
December 1, 2021Работать 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 -
If you are looking for a professional CPA to prepare your taxes, I highly recommend Tax Service Masters.
ZT Gallery Contemporary Art
December 1, 2021Iryna has helped me and my friends to solve difficulties with taxes promptly and professionally. Highly recommend!
julia brensel
December 1, 2021 -
I highly recommend Irina for tax income services, she is very good!
Marina Roublenko
December 1, 2022Thanks Iryna. You are the best
anastasia asipchuk
December 1, 2022 -
Very knowledgeable, professional and quick
Anjelika Hrubar
December 1, 2021Great professional! Always does our taxes quick and very good. Definitely recommend to everyone!
Vladok Americanets
December 1, 2021 -
Very easy to work with and professional.
Matthew Schmidt
November 3, 2023Very professional! Recommend.
Michael Halprin
November 1, 2023 -
My 2022 taxes were prepared perfectly, had several types of income to report, rental income, previous losses to carryover and not a clue how to file or prepare correctly on... More Tax Reviews
FLA BUSINESSES
November 1, 2023Tax Service Masters is the best!!! They did an amazing job settling my debt with IRS! Fair prices and high-quality service with results.
Svetlana Pinegar
March 1, 2023 -
Outstanding Service! Irnya is the best! I will definitely use them again!
Filvis
December 1, 2022My 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
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.
