How can I get my back taxes taken care of? Part 2 CNC

Tax help for getting back taxes taken care of is available in many different programs when using a Tax Attorney.  Today I want to focus on a program made available to Oxford Tax Partner clients via the IRS. It is called CNC which stands for Currently Non Collectible. If you need tax help this program is a good one.

The IRS bases their decisions for CNC on your current income situation. Not your past or your future, but what is happening today when it comes to your income. If your take home pay is less than the IRS standard of living of $4500 per month, you may be considered a financial hardship and qualify for this program.

Here is some valuable information on how this particular program works:

1.  If you meet the financial hardship requirements your payment on your past IRS debt will be $0. That is not a misprint, your will have a $0 payment every month. However, there are some rules.
2.  Moving forward you must remain current and compliant with your taxes. This means: 

• You must file on time. Compliant.
• You must pay if your owe. Current
• They will apply any refund you get towards your balance. You are not settling your debt, but rather not paying on it monthly. 
• If your take home household income increases significantly over the national standard of living for 2 years in a row. The IRS my require you to go into an installment agreement with a payment.

If you need tax help CLICK HERE and request a free evaluation. 

Cheers, 

Noah Burford

noah@oxfordtaxpartners.com

714.926.4261