Currently Not Collectible Status - Temporary Relief or Hidden Trap?
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Currently Not Collectible Status - Temporary Relief or Hidden Trap?
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Episode Summary:
Lance Drury explores the complexities of Currently Not Collectible (CNC) status with the IRS. This episode breaks down who qualifies, the application process, and potential pitfalls taxpayers should consider. Lance shares insights on how CNC status affects penalties, interest, and tax liens, while discussing recent changes in IRS practices regarding CNC status removal.
Key Timestamps:
00:00 - Introduction
01:15 - Defining CNC Status vs Other IRS Resolution Options
03:05 - Qualification Requirements for CNC Status
04:20 - Long-term vs Short-term Solutions
05:56 - Hidden Risks and Downsides
09:46 - Impact on Interest and Penalties
11:21 - IRS Liens During CNC Status
14:41 - Strategic Approach to CNC Status
About The Show:
"Resilience and Resolve” with Lance Drury provides taxpayers with essential tools and knowledge to navigate IRS challenges. Each episode delivers practical insights and professional guidance for those facing tax-related difficulties.