What if You Can’t Afford to Pay Your Back Taxes?
One of the best ways to get out of paying off your tax debt is to be declared “currently not collectible.” The IRS may declare you “currently not collectible” after they see proof that you have no ability to pay the taxes you owe.
When the IRS determines that you cannot afford to pay any of your tax debt due to economic hardship and declares you “currently not collectible,” the IRS must immediately stop all collection activities including levies and wage garnishments.
While you are in the “currently not collectible” status, the 10-year statute of limitation on tax debt collection continues to run. If the IRS cannot collect the tax you owe within the 10-year statutory period, then your tax debt will expire and you’ll owe nothing to the IRS.
A taxpayer facing financial hardships or tax debt burdens should seek the advice of a tax professional specializing in tax resolution.
At AAA Tax & Accounting, we have an excellent track record in resolving collection activity. We can negotiate with the IRS to have them agree to stop their collection actions and not require you to send them any money until such time as you can afford to send them some money each month.
We will stop the IRS from sending you those nasty collection letters, and you won’t have to worry about the IRS garnishing your wages or seizing your bank accounts, car or your home to pay your tax debt.
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We offer all of the following services:
- Federal Tax Lien Release
- Wage & Bank Account Levy Release
- Personal (In-Business) Offer in Compromise
- Corporate Shutdown
- Tax Debt Financing Assistance
- Penalty Abatement (Forgiveness)
- State Tax Liability Assistance
- Currently Not-Collectible
- Innocent Spouse Relief
- Tax Return Preparation