Currently Not Collectible Status Explained | How to Get In CNC Status

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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

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