Currently Not Collectible Status Explained | How to Get In CNC Status
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- Опубликовано: 30 июл 2024
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Today I am talking about IRS currently not collectible status (CNC), also known as IRS non-collectible status or uncollectible status. If a client doesn't qualify for an offer in compromise - perhaps due to having too much equity in their home - a viable alternative may be placing them in currently not collectible status. And in some cases, placing a client in CNC status may actually yield a better result than securing an offer in compromise for them. It all really depends on the client's situation and how much they owe!
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Table of Contents:
0:00 The Power of the IRS to Collect Taxes
3:38 IRS Notice CP14
4:04 IRS Notice CP501
4:38 IRS Notice CP503
4:50 IRS Notice CP504
5:35 IRS Notice LT11
6:08 Notice of Federal Tax Lien (NFTL)
8:00 The IRS Wants What’s Theirs
8:36 What Is IRS Currently Not Collectible (CNC) Status?
10:44 Effect of CNC Status on Wage Garnishments
11:18 What Does the IRS Get Out of CNC Status?
12:04 Currently Not Collectible vs. Offer in Compromise
14:22 Running Out the IRS’s 10-Year Collection Statute With CNC Status
16:58 Don’t Be Afraid to Talk to the Manager!
17:50 Consider All Your Tax Relief Options
19:59 Passport Revocation and CNC Status
21:57 How to Get Into CNC Status
24:04 How to Show Hardship to the IRS to Qualify for CNC Status
26:50 Can You Still Qualify for CNC Status if You Have Home Equity?
27:56 Limited Exceptions When Form 433-A or Form 433-F Is Not Required
28:23 Why You Might Get Kicked Out of Currently Not Collectible Status
31:22 CNC Status In Summary
#taxrelief #taxhelp #irs
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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. 😊
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, Logan 💯👏🙂
Hi, Alex Logan, Logan Alex, 🙃 do you have any news on Stimulus for SSDI? Thank you
Got a CP2000 notification driving nuts for the year 2020 this year. I had no idea
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?
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.
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?
Does unemployment
Guarantee CNC
If no assets or income?
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!!!
We need review for opinion outpost
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.
how do you find out your status with the IRS???
Good question
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.
Wow
Your most engaged 💍fan