Currently Not-Collectible Petitions

Currently Not-Collectible (CNC) status can be granted to individuals or businesses the IRS determines are unable to pay their tax debt. While this status is in place, interest and penalties will still accrue, but the IRS will typically hold off on aggressive collection actions such as bank levies, wage garnishments, or asset seizures.

However, if you owe more than $10,000, they may still file a Notice of Federal Tax Lien.

To qualify for CNC status, you must:

• Be in compliance with current tax obligations — including filing all required returns and paying current taxes on time

• Fully disclose your finances and demonstrate that you can meet current tax obligations but cannot make payments toward your existing tax debt

CNC status isn’t a permanent solution, but it can provide valuable breathing room by delaying repayment until you’re in a stronger financial position. Qualifying can be tricky… the IRS requires a clear, well-documented case to approve this status.

At Golden Lion Tax Solutions, we know how to present your financial situation in a way that meets IRS requirements and protects you from unnecessary collection actions while you get back on your feet.

If you want a tax debt resolution firm that will keep your best interests in mind as we battle on your behalf to address your IRS or state tax debts, reach out to the team at Golden Lion Tax Solutions.

There is ALWAYS a solution, and we are the experts at getting it done.