What Is CNC Status
Currently Non Collectible (CNC) status is regarded as a financial hardship status approved by the Internal Revenue Service (IRS). With the CNC status, the IRS agrees that the taxpayer doesn't have the means to pay off the current tax debt and thus, the account is placed in hardship status.
Once the account has been placed in hardship status, the interest and penalties will continue to accrue for account. The IRS has the right to review taxpayer's account every few years or less to determine if the taxpayer still qualifies for hardship status. In order to acquire CNC status, taxpayers must present detailed financials with supporting documents to show financial hardship and the inability to be able to pay the IRS at the present time.
Our tax professionals have worked on thousands of cases and successfully placed clients on hardship status. Applying for financial hardship status can be the best course of action as it offers a statue of limitations for the IRS to collect from you. Our highly trained staff will not only work towards placing your account in the hardship status, we ultimately strive to determine the best structured resolution for you.