Serving Clients Throughout the Twin Cities Metro Area and Western Wisconsin
After determining that a taxpayer has a substantial tax liability, the IRS may investigate the person's financial resources to determine whether the arrears are collectible. The investigation will include examining bank accounts, financial assets, household expenses and all sources of income. If the IRS determines that a lien or an installment agreement is not feasible because of the taxpayer's lack of available assets, the liability may be assigned a status of Currently Not Collectible.
If you have received an official notice that your tax liability has been assigned as not collectible, it is important to understand that you are not being relieved of your liability. It just means that the IRS will continue to review your assets and income until if feels that collections actions are appropriate. This often occurs years after the tax year in which the liability was recognized.
"If you are facing repayment of a prior uncollectible tax liability, I can help you pursue strategies to retain the 'uncollectible' status, while working toward an agreement that suits your needs, as well as the IRS" — Attorney Mark Pridgeon
If you are a resident of the Minneapolis/St. Paul metro area or western Wisconsin and are facing a significant federal tax liability, or have received a notice that your tax liability has been assigned as currently not collectible, talk to tax attorney Mark A. Pridgeon. Mark is recognized as one of the pre-eminent names in Twin Cities tax law and can help you work out an arrangement to satisfy your tax liability. He can also make sure the IRS does not count financial assets that are not under your personal control or available to be used for repayment.
Options for outstanding balance include:
- Offers in compromise
- Installment agreements
- Prevention or removal of IRS collections lien
- Tax litigation and appeals
- Innocent spouse relief
Minnesota Attorney Handling Currently Not Collectible Cases
From offices in Edina, tax lawyer Mark Pridgeon advises and represents clients in communities throughout Hennepin County, Ramsey County, Dakota County and Washington County, Minnesota, as well as St. Croix County in western Wisconsin. If you are facing a significant tax liability of $20,000 or more, contact the firm to arrange an initial consultation with Minneapolis IRS collections attorney Mark A. Pridgeon, Attorney at Law, today.