Category Archives: Currently not Collectable

Offer In Compromise – The worst things to do.

#1 Wait! As soon as you know that you’re going to have a tax debt you need to get on top of it. That doesn’t mean that you’re going to settle right now. It means that you’re going to start … Continue reading

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IRS 433A Financial Statement

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NEVER submit a 433A Financial Statement or even talk about financial information with the IRS without Professional help! The 433A Collections Information Statement or 433A Financial Statement is the tool which the IRS determines your ability to pay. Properly filling … Continue reading

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Retired with Tax Debt what can be done.

Retired with Tax Debt. George from Topeka is 74 years old and owes the IRS he thinks about $2000 from 2005. He retired in 2003 but in 2004 he worked part-time and a 1099 was filed from his employer. He remembers getting a … Continue reading

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When I file back taxes how accurate do I have to be?

Filing Back Taxes LoriLynn didn’t file her taxes in 10, 11 & 12. She claims that she lost her receipts, W-2’s, etc. Her CPA friend told her that the IRS won’t give her an Installment Agreement unless her taxes are … Continue reading

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Roger – San Jose, How do I get rid of 941 tax debt?

You don’t! 941 taxes are the withholding tax that employers are required to withhold and send in to the Government. They are Trust Fund Taxes and can not be reduced or discharged. However Roger owned a small, sole proprietor, plumbing … Continue reading

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Katie – Ohio, I can’t pay my Installment Agreement anymore.

Email from Katie in Ohio asking what she should do. Eight months ago she did an online installment agreement wanting to make payments on a tax debt from 2009. She hadn’t filed or paid that year and wanted to clean … Continue reading

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Wait it out with Currently not Collectible is a good resolution option.

Don’t pay wait it out.  Tax debt begins from the assessed date of your return and ends ten years later. Many people have avoided their IRS debt by being placed in the Currently not Collectible (CNC).  This means that the IRS may … Continue reading

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