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Currently Not Collectible Status

 

Definition: Currently Not Collectible means that a taxpayer has no ability to pay his or her tax debts. The IRS may declare a taxpayer "currently not collectible," after the IRS receives evidence that a taxpayer has no ability to pay. Such evidence is usually obtained from the taxpayer on IRS Form 433-F, Collection Information Statement. A taxpayer can request "currently not collectible" status by submitting Form 433-F to an IRS Revenue Officer or the IRS Automated Collection System unit.

 

Once the IRS declares a taxpayer currently not collectible, the IRS must stop all collection activities, including levies and garnishments. The IRS must send an annual statement to the taxpayer stating the amount of tax still owed. This annual statement is not a bill.

 

While in not collectible status, the 10-year statute of limitations on tax debt collection is still running. If the IRS cannot collect the tax within the 10-year statutory period, then the tax debts will expire.

 

Being declared "currently not collectible" is one of several routes that we may take in resolving our client's tax matters. Getting declared "uncollectible" usually warrants the skills and expertise of a seasoned tax professional and should never be attempted without representation as it may create even more problems if the process is incorporated erroneously. At FinishLine Tax Solutions, we understand the IRS rules, protocols and procedures intimately and therefore are adept at recognizing the conditions which would warrant "Currently Not Collectible" status for our clients. Call us today so that we may conduct a no cost analysis to determine if you qualify for this route of resolution.