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Thinking Outside the Box Law Legal Podcast: Currently Not Collectible (CNC) Status Helping Taxpayers in Debt to the IRS
Manage episode 499553203 series 3667727
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Owing money to the IRS isn’t so bad.
Say what now?
Yep, that’s right. It’s not such a terrible thing.
Well … as long as you’re broke, that is.
Because if you have significant income or assets, the IRS is going to do everything they can to squeeze every last dime out of you. (Unless you get help. If you need help, you’ve come to the right DuPage tax advisor.)
But if you just don’t have much, they can determine pretty quickly that they won’t be able to get much out of you. This is especially true if your income falls below a magical set of numbers that the IRS creates every year called the Allowable Living Expenses (ALE).
After all, you can’t squeeze water from a rock.
If you can demonstrate to the IRS that you have no significant assets and that your income is below those ALEs, you can be placed into what they call Currently Not Collectible or CNC status.
https://thinkingoutsidetheboxlaw.com
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