Currently Not Collectible
Under certain circumstances, a taxpayer can apply for currently not collectible status. While this does not wipe out the assessed tax, it does stop collection efforts. However, interest and penalties continue to accrue. The IRS can review the taxpayers account again in the future for possible collection.
Taxpayers who have no income or assets, no equity in assets or insufficient income generally qualify for this status under the undue financial hardship relief. This relief is granted only if IRS is convinced that collection of liability will result in financial hardship and render the taxpayer unable to meet necessary living expenses. At Tax Relief Central we will review your financial information to determine if you are a strong candidate for this tax relief status.
Call us now at (602) 904-6535 or schedule a free initial consultation online to see if you qualify for the above relief.