Currently Not Collectible is a program offered by the IRS for taxpayers experiencing economic hardship.
Having a Currently Not Collectible status shows the IRS that the taxpayer’s financial situation makes it impossible for them to pay, so for the time being, the IRS will stop any collection action until the taxpayer’s situation improves.
There are a number of ways a taxpayer can qualify for the Currently Not Collectible program. The typical Currently Not Collectible taxpayer usually is:
- Unemployed or on a fixed income.
- Sick or seriously ill and unable to work.
- Unable to meet all of their current necessary monthly expenses.
- Has little to no assets or equity that could serve as repayment of the tax debt.
If a taxpayer is accepted into the Currently Not Collectible program, the IRS will review their financial circumstances periodically. If the IRS sees that the taxpayer’s ability to pay has changed, the status of Currently Not Collectible will be reviewed.
Circumstances that may qualify for the revocation of a Currently Not Collectible status include:
- Returning to work
- Receiving a raise or promotion
- Recovering from an illness
- Failing to file and pay taxes
The Currently Not Collectible program does not prevent a Federal Tax Lien from being filed by the IRS, as well as it does not extend the Statute of Limitations a taxpayer has to pay the federal tax debt.
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