Currently Not Collectible

Currently not collectible status protects you from the IRS, stopping levies, threatening letters and collection enforcement.  It forces the IRS to simply leave you alone without requiring any payment on your end. The IRS will consider your account to be currently not collectible if we provide them a collection information statement verifying that there would […]

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The IRS has two main sources of carrying out its work in collecting taxes:  local Revenue Officers and its Automated Collection Service. When you get that call or letter from IRS collections, it’s important to know who you are dealing with – and what to expect. The IRS Automated Collection Service – commonly known as […]

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There are many options to resolve an unpaid tax liability – you can agree with the IRS to make monthly installment payments, reach a settlement with an offer in compromise, eliminate the taxes in bankruptcy, or have the IRS place your account in currently not collectible status. Let’s focus on currently not collectible. Currently not […]

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Making it through an IRS audit is stressful and anxiety ridden, but for many, it is not the end of the road in dealing with the IRS.  Many IRS audits result in balances due.  Here are my responses to great questions from a reader about dealing with IRS collections after the audit. I just finished […]

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The statute of limitations on collection will make most every IRS collection problem come to an end.  Internal Revenue Code 6502 puts a limit on how long the IRS can pursue the collection of a tax debt. The timeframe is 10 years from when the IRS puts a liability on its books. But knowing there […]

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The trust fund recovery penalty can cause financial havoc for anyone involved in a business that did not pay over its employee withholdings to the IRS.  Internal Revenue Code Section 6672 allows the IRS to investigate those in the business who were part of the decision not to pay the IRS and hold them personally […]

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