An insightful guide on the Currently Not Collectible Status (CNC), a temporary phase where the IRS refrains from active collection efforts due to financial hardship experienced by the taxpayer.
Deficiency in taxation refers to the amount by which a taxpayer’s tax liability exceeds the amount of tax reported on their return. It signifies the additional tax debt that the IRS claims is owed, above what the taxpayer originally reported.
An Installment Agreement is a payment plan with the Internal Revenue Service (IRS) that allows taxpayers to pay their outstanding tax debts in manageable monthly installments rather than in a lump sum.
An IRS levy is a legal seizure of property to satisfy a tax debt. It represents one of the most aggressive collection mechanisms employed by the Internal Revenue Service (IRS) to collect taxes owed.
A Federal Tax Lien is a legal claim by the United States on a taxpayer's property when the taxpayer neglects or fails to pay a tax debt owed to the federal government.
A comprehensive guide to the IRS Offer in Compromise (OIC) program, which allows taxpayers to settle their tax debt for less than the full amount owed.
