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Ever wonder how you could repay your taxes when you owe taxes to IRS? Well the IRS has a solution to your tax problem, provided you satisfy the criteria put forwards by them. It's often referred to as Currently Not Collectible. So how does this Currently Not Collectible scheme work? A person may be considered to be Currently Not Collectible if he fulfills the following: - If he doesn’t have any assets, for the IRS to levy taxes.
- If he doesn’t have a stable income or means to pay the taxes owed.
- If the income of the tax payer is less than the minimum that is required to fulfill his basic living expenses.
Once a person is considered as Currently Not Collectible, all the taxes levied on him get temporarily suspended. Even if a person is considered to be Currently Not Collectible, he or she is still liable to pay the money owed and the interest accrued. The financial status of Currently Not Collectible person is monitored, so that he can get back to pay taxes once he gets back on track. This is done once in a year, and the IRS also demands the tax payer to send a copy of his tax returns so that they can compare and see that everything matches. This is the reason why the returns have to be accurate without any mistakes in them. But the story’s not over yet. There is yet another option for the tax payers to be favored by the IRS. If the person continues to have very less income and to be in the Currently Not Collectible status for a period of 10 years, the IRS is liable to remove all the taxes he owes. In other words, the tax payer doesn’t have to pay any taxes or penalties that had been levied on him so far. The writer can be contacted at his websites, IRS Tax Settlement and IRS Debt Relief.
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tax settlement, tax debt, irs tax problem,
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