Currently Not Collectible

Currently Not Collectible is the IRS’s hardship status. It temporarily removes your account from collections without requiring any payments.

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What is Currently Not Collectible?

Currently Not Collectible can be a very attractive resolution. It places a temporary hold on your account protecting you from any collection action such as wage, accounts receivable, or bank levies, without creating an obligation to make payments. We can typically negotiate this status before you are fully compliant with tax filings and payments. However, similar to an Offer in Compromise, the IRS requires you to show proof of financial hardship in order to qualify for this status. It’s also important to remember that penalties and interest will continue to accrue and Federal Tax Liens will be filed if they haven’t already.

Why Real Tax Remedies?

Since the IRS requires proof of financial hardship, you should be cautious of any practitioners who claim they can negotiate Currently Not Collectible without collecting your basic financial information. You should also be careful if they do not review any of your other resolution options first. As a temporary status, Currently Not Collectible doesn’t always make sense. It usually depends on how long the IRS has left to collect the past due taxes. At Real Tax Remedies, we will help you determine the best long-term resolution strategy for your specific needs before considering if Currently Not Collectible is an appropriate option.