Currently Not Collectible Archives - Howard Levy is a Cincinnati tax attorney with the experience to find solutions to your IRS problems.

Become fluent in the language of IRS collection agents

By Howard S. Levy, Esq., Automated Collection Service, Collection Financial Standards, Currently Not Collectible, Form 433A, Form 433B, IRS Financial Statements, Offer in compromise, Revenue Officers, Statute of limitations on collections

An IRS collection agent throws a word or phrase your way, and you have no idea what he is talking about. As they say, it is all Greek to you. And too much is at stake to bluff your way through it. A wrong move or misunderstanding could result in a levy on your bank account, wages, or seizure of assets. How can you negotiate yourself out of trouble with the IRS if you don't understand the language of IRS collection agents? To even the playing field, here are the 10 of the most important terms you should know when you owe back taxes to the IRS: 1. IRS Revenue Officer. This ... Read More

Is an offer in compromise necessary?

By Howard S. Levy, Esq., Currently Not Collectible, Installment agreements, Offer in compromise, Statute of limitations on collections, Uncollectible

I always try to teach my kids the difference between needs and wants. You need to eat dinner; you want to eat at Chipotle. The same applies to an IRS offer in compromise. You need to keep the IRS out of your affairs, and live free from levies and seizures of your property. You need peace from the IRS. But you have seen TV and radio advertisements for the IRS offer in compromise program, and may want to settle and no longer have a tax debt. You want what you've been sold and told - that an offer in compromise is simple, easy, and everyone qualifies. The hard truth is that an ... Read More

Internal Revenue Code laws that limit the power of the IRS to levy and destroy

By Howard S. Levy, Esq., Currently Not Collectible, Economic hardship and the IRS, IRS collection notices, IRS levies and property seizures, Offer in compromise, Statute of limitations on collections

If you money to the IRS, you have taxpayer rights. Your rights are in the the Internal Revenue Code, which has laws that limit the power of the IRS collection division to collect, levy and destroy. An IRS collection agent cannot always do what he wants, when he wants. These laws protect you from the collection enforcement powers of the IRS. If you are facing an IRS Revenue Officer or an Automated Collection Service representative, IRS collection laws that are on your side can be golden. For when you need it, here are the most important collection laws and rights in the Internal Revenue ... Read More

Fresh start with the IRS? Learn how it really works

By Howard S. Levy, Esq., Currently Not Collectible, Form 433A, Installment agreements, IRS Financial Statements, Offer in compromise, Trust fund recovery penalty

An offer in compromise can put IRS troubles behind you and bring a fresh start on your taxes. But the road to a fresh start with the IRS is not necessarily as simple as it may sound. The IRS has very strict criteria that they use to determine if a tax debt should be compromised. Before jumping in with a compromise, there is much you need to know about the IRS settlement process, including: - Whether you should even file an offer in compromise. For example, if the IRS has a limited time left to collect your debt (out of the 10 year period they are given by law), should you jump ... Read More

How long will an IRS currently not collectible status last?

By Howard S. Levy, Esq., Automated Collection Service, Currently Not Collectible, Economic hardship and the IRS, Statute of limitations on collections

Currently not collectible status protects you from the IRS, stopping levies, threatening letters and collection enforcement. It forces the IRS to simply leave you alone without requiring any payment on your end. The IRS will consider your account to be currently not collectible if we provide them a collection information statement verifying that there would be a financial hardship if the IRS forced you to pay them. To the IRS, currently not collectible is "putting a debt on the shelf" - they take your case out of their active collection inventory (shelving it). The Treasury Inspector ... Read More