Currently Not Collectible Archive
A number of taxpayers find that CNC status, combined with a modest income tax payment, can help them to alleviate some of their financial hardship.
If you're experiencing a financial challenge, take into consideration CNC condition.
This status is only for taxpayers whose expenses exceed their income.
There is no question that 2020 will certainly be kept in mind as one of the most unstable years the U.S. has experienced in post-modern history. While Wall Street painted a picture of success, Main Street has been suffering the worst economic decline given that the Great Depression. As a result of the COVID-19 pandemic,
CURRENTLY NOT COLLECTIBLE A taxpayer can have all collection activity halted if they are under “Currently Not Collectible” status. This status is only for taxpayers whose expenses exceed their income. The IRS will look at national standards in order to determine if the taxpayer could afford their basic living expenses.