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Video instructions and help with filling out and completing Form 843 Hardship

Instructions and Help about Form 843 Hardship

Hello everyone today I'd like to discuss currently not collectible status c-in-c status so what exactly is currently not collectible status this is a holding period so to speak that the IRS places certain tax payers who qualify for it in when they cannot or when they are unable to pay their tax debt now the IRS looks at these cases on an individual by individual basis but if you find yourself in a financial hardship where you're barely making ends meet and you're not able to pay anything towards your tax debt you might be a good candidate for the CFC status now the CMC status is not a way to get out of paying your tax debt it's just a way to help you get back on your feet so to speak and what I mean by that it allows you time to get back on your feet financially by having the IRS temporarily stop collection proceedings so when you're in CMC status your bank account can't be levied a wage garnishment can't be filed against you or any other type of collection proceedings when you're in C&C status it temporarily stops all of that now granted there is the ten-year statute of limitations period for tax debt most people are not going to be in stands these status for ten years but if you find yourself in that situation when the statute of limitations has expired some of that tax debt will be null and void therefore it is uncollectible by the IRS now the CNC status is quite financially invasive so you want to make sure that all the information that you provide is accurate to the best of your knowledge because the IRS will compare this information with your tax returns now to get the...