You just had a life event that is about to change your budgetary habits in a very dramatic way. It could be a variety of things… layoff or termination at your job, divorce, serious illness or death in a family, lawsuit and many more. Your natural reaction is to look for ways to get more cash in a short-term to be able to maintain your lifestyle, at least for as long as you can. Whether it is your retirement plan withdrawal, or increasing exemptions on your pay check to raise your take-home pay, or selling your beach house, all of these events will most likely affect your return, significantly increasing your tax liabilities. Welcome to the vicious circle where the more cash you take out to pay for life-changing events, the more tax you end up owing.
Perhaps you believe in “pay your fair share” approach and want to pay your taxes but really can’t. Offer in Compromise may seem risky to you because it may still require you to make at least some payments while you are simply unable to spend any more at this very moment. Good news is that there is a solution for people like you in situations like this. It is called Currently Not Collectible. It is a status that IRS and many state tax authorities can assign to your tax account, which will protect it from collections and temporarily relieve you from the obligation to pay your tax due. The Currently Not Collectible status can last for many years as long as your financial situation does not change for the better.
If you find yourself in a bind and want a simple and effective, albeit temporary solution to your cash crunch, Currently Not Collectible status may be what you really need. Contact us at once to explore this opportunity, learn more important details and decide if you are a good candidate for this solution.