Thanks for explaining the whole IRS system has helped me so much with your videos. I am in a hardship program and have five more years to the statue limitation runs out. Keep doing these videos. They are so helpful.
🤔 ~ Does a tax lien automatically drop off on a piece of property once the ten year time period rolls around; which includes accounting for the Assessment Date of the income taxes owed? Or does it remain attached to the property forever or until it's sold? Thank you in advance! 😉
It's true that most taxpayers will not qualify for an offer in compromise. That said, the IRS's OIC calculator on its website really oversimplifies the issue of whether one qualifies or not.
@@LoganAllec Hi Logan, I have an Aunt who owes over $100k to IRS, due to things like 1099s from unpaid credit cards. She was assessed incorrectly because she was insolvent. She is taking steps to correct that situation but still will owe $$$. She has not worked for years , has less than $6,000 in assets and does not owe any other taxes for any other years. That is her whole story, no details left out. Just your opinion, no holding you to it! Will she qualify for an OIC? THANK YOU!!!
Hi, Logan! I guess I'm the enemy, 😉. I'm an up-and-coming IRS SBSE, ACS, employee. I've been using your videos to supplement my training, not to replace it, but to give me extra things to study at home before I start. I hope to be the best ACS employee I can be. Thank you for these. 😊
Hi Giselle. Unfortunately, a CNC will not result in the IRS withdrawing a notice of federal tax lien. I shared more thoughts with you in this video: ruclips.net/video/Fl9ZtNoyzj8/видео.html
Hello Logan, I have a question regarding the CNC. If I have a tax liability from 2014 that was never put into CNC, and the tax was assessed in the summer of 2015; if I apply for a CNC, now, in 2023, does the CSED start in 2023 or back when the tax was assessed in 2015? This would mean that I would have two years before the drop-off date. Am I not thinking about this correctly? Also, once the CSED has passed? How does one have it removed from their tax account?
The collection statute started back when the tax was assessed in 2015, and yes, absent any tolling events, you have two years until the drop-off date. The tax will automatically be written off on your account once the CSED has passed.
Not necessarily. Just got off a prac call with a prospect. Placed in CNC back in 2020. Crickets from IRS since then apart from annual notice. However she will be collecting SS soon so we will submit OIC. We have other clients who are systemically removed the next year. It all depends.
Hi Kevin. Some states have their own version of CNC, and they vary in what they call it and how to qualify. For example, California has what it calls “hardship” that is functionally similar to CNC; however, in my experience states are much more aggressive in removing taxpayers from hardship status than the IRS is with respect to removing taxpayers from CNC.
If you own a property (primary residence) is it ok to shoot ask or try to qualify for CNC status? If IRS realizes that you can`t pay, wouldn`t they simply put a lien on the house?
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Thanks for explaining the whole IRS system has helped me so much with your videos. I am in a hardship program and have five more years to the statue limitation runs out. Keep doing these videos. They are so helpful.
I'm glad they're helpful! Thanks for watching!
Very good and knowledgeable video. You're telling people things the IRS doesn't want us to know....Kudos to you!! And thank you!!
Thank You!!!
You're welcome!
Thank you, Logan 💯👏🙂
🤔 ~ Does a tax lien automatically drop off on a piece of property once the ten year time period rolls around; which includes accounting for the Assessment Date of the income taxes owed? Or does it remain attached to the property forever or until it's sold? Thank you in advance! 😉
OIC is rare.The requirements are very stringent.The IRS has a calculator if you qualify on their website.
It's true that most taxpayers will not qualify for an offer in compromise. That said, the IRS's OIC calculator on its website really oversimplifies the issue of whether one qualifies or not.
@@LoganAllec
Hi Logan,
I have an Aunt who owes over $100k to IRS,
due to things like 1099s from unpaid credit cards.
She was assessed incorrectly because she was insolvent.
She is taking steps to correct that situation but still will owe $$$.
She has not worked for years ,
has less than $6,000 in assets
and does not owe any other taxes for any other years.
That is her whole story, no details left out.
Just your opinion, no holding you to it!
Will she qualify for an OIC?
THANK YOU!!!
Hi, Logan! I guess I'm the enemy, 😉. I'm an up-and-coming IRS SBSE, ACS, employee. I've been using your videos to supplement my training, not to replace it, but to give me extra things to study at home before I start. I hope to be the best ACS employee I can be. Thank you for these. 😊
Excellent guidance!!!! Does a CNC qualify for Lien removal, or would we have to wait until the statute of limitation period?
Hi Giselle. Unfortunately, a CNC will not result in the IRS withdrawing a notice of federal tax lien. I shared more thoughts with you in this video: ruclips.net/video/Fl9ZtNoyzj8/видео.html
Hello Logan,
I have a question regarding the CNC. If I have a tax liability from 2014 that was never put into CNC, and the tax was assessed in the summer of 2015; if I apply for a CNC, now, in 2023, does the CSED start in 2023 or back when the tax was assessed in 2015?
This would mean that I would have two years before the drop-off date. Am I not thinking about this correctly?
Also, once the CSED has passed? How does one have it removed from their tax account?
The collection statute started back when the tax was assessed in 2015, and yes, absent any tolling events, you have two years until the drop-off date.
The tax will automatically be written off on your account once the CSED has passed.
Hi, Alex Logan, Logan Alex, 🙃 do you have any news on Stimulus for SSDI? Thank you
We need review for opinion outpost
Does unemployment
Guarantee CNC
If no assets or income?
how do you find out your status with the IRS???
Good question
ahí, Logan I am in not collectible status since 2016, but I have a lien in my house, after the 10 years they removed the lien?
Do TPs have to recertify as CNC every year?
Not necessarily. Just got off a prac call with a prospect. Placed in CNC back in 2020. Crickets from IRS since then apart from annual notice. However she will be collecting SS soon so we will submit OIC.
We have other clients who are systemically removed the next year.
It all depends.
Lagan, once more, how can I find informations about custodian of my IRA account. IRS or my banker?
Hi Logan
If you get put into CNC,
Can you still apply for an OIC
At a later date?
Thank you!!!
Yes, absolutely! ruclips.net/video/Ij62jzxhrKI/видео.html
Awesome!
Big Thanx!!!
Will it the cnc cover state taxes as well
Hi Kevin. Some states have their own version of CNC, and they vary in what they call it and how to qualify. For example, California has what it calls “hardship” that is functionally similar to CNC; however, in my experience states are much more aggressive in removing taxpayers from hardship status than the IRS is with respect to removing taxpayers from CNC.
why can't I find this policy statement 5-71??
If you own a property (primary residence) is it ok to shoot ask or try to qualify for CNC status? If IRS realizes that you can`t pay, wouldn`t they simply put a lien on the house?
Good questions. I shared some thoughts in this video: choicetaxrelief.com/tax-relief/currently-not-collectible-status/
Thank you
You’re welcome.
We have a Section 503 “CNC not due to hardship” status on our tax transcript. Is it still possible to buy a home while in CNC status?
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Got a CP2000 notification driving nuts for the year 2020 this year. I had no idea
Wow