Currently Not Collectible
Mississippi Tax Attorney Delivering Quality Solutions
Currently not collectible (CNC) status can protect you from IRS collection actions. To find out if you are eligible for this form of tax debt relief, contact Damiens Law Firm, PLLC right away. If paying your taxes would create any undue economic hardship, our Mississippi tax attorney can work to get the IRS to give you the time you need to regain your financial footing.
Who Qualifies for Currently Not Collectible Status?
Are you struggling to cover basic living expenses? Currently not collectible status is for those who would be subject to a financial crisis if the IRS required repayment of a tax debt. To have your tax debt assigned to CNC status, you will be required to undergo a thorough financial review. The IRS will evaluate your financial circumstances and determine if you are unable to currently pay back any amount toward your taxes.
CNC status will not be granted to those who are merely experiencing economic or personal inconvenience. The taxpayer must be suffering “significant hardship,” such that they cannot cover the cost of standard living expenses.
According to the IRS, standard living expenses include:
- Food, clothing, and additional household costs
- Housing and utility costs
- Out-of-pocket healthcare costs
- Transportation costs
Any money that is spent on items outside of these categories will likely be considered disposable income that can be used to pay back your taxes. The exception to this rule is if you can prove that the expenses are legitimately necessary for the health and well-being of you and your family.
Helping Individuals Throughout Ridgeland, Jackson and the Surrounding Areas
If you are pursuing currently not collectible status, do so with quality legal assistance from Damiens Law Firm, PLLC. Our tax lawyer in Mississippi can help you understand if you qualify for CNC status and ensure your paperwork accurately reflects your financial hardship.
To learn more about how we can help you stop IRS collection actions, call (601) 871-6322 now.
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