What Is Currently Not Collectible (CNC) Status?

What Is Currently Not Collectible (CNC) Status?

What Is Currently Not Collectible (CNC) Status?If you're unable to pay your IRS tax debt and struggling to meet basic living expenses, the IRS may temporarily pause collections. This article applies to U.S. federal tax law and explains what Currently Not Collectible...
What Is an Offer in Compromise (OIC)?

What Is an Offer in Compromise (OIC)?

What Is an Offer in Compromise (OIC)?If you're drowning in IRS tax debt and can’t afford to pay in full, there may be a legal way out. This article applies to U.S. federal tax law and explains how an Offer in Compromise (OIC) works — one of the most powerful tools in...
What Is First-Time Penalty Abatement?

What Is First-Time Penalty Abatement?

What Is First-Time Penalty Abatement?Facing penalties from the IRS for a missed filing or late payment? You may qualify for a one-time pass — if you meet the IRS's criteria. This article applies to U.S. federal tax law and explains how First-Time Penalty Abatement...
Does Tax Debt Affect My Credit Score?

Does Tax Debt Affect My Credit Score?

Does Tax Debt Affect My Credit Score?Tax debt can have a serious impact on your financial health, but its effect on your credit score depends on how the IRS responds. This article applies to U.S. federal tax law and explains how tax debt interacts with credit...