IRS Collections and Currently
Not Collectible Status
Serving Clients Throughout Minnesota 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 it 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, we can help you pursue strategies to retain the ‘uncollectible’ status, while working toward an agreement that suits your needs, as well as the IRS” – Attorneys Mark Pridgeon and Dave Zoss
If you are a resident of Minnesota 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 a tax attorney at Pridgeon & Zoss, PLLC. Our firm is recognized as one of the pre-eminent firm in Twin Cities tax law and can help you work out an arrangement to satisfy your tax liability. We 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 Attorneys Handling Currently Not Collectible Cases
From offices in Edina and St. Anthony, our tax lawyers advise and represent clients in communities throughout Minnesota and Western Wisconsin. If you are facing a significant tax liability of $20,000 or more, contact the firm for a no-cost half-hour initial consultation with Minneapolis attorney for tax penalties at Pridgeon & Zoss, PLLC today. Contact us online or by telephone. Within the Twin Cities metro area, call 952-232-0371 or 612-455-8948; or call us toll free 877-221-1651 if you are located outside of the Twin Cities metro area. You may also use the convenient email contact form to explain your circumstances and request a consultation.
Weekday office hours are 9 a.m. to 5 p.m. in our Edina office, and 10:00 a.m. to 4:00 p.m. in our St. Anthony office. Evening and weekend appointments may be available by special arrangement.