economic hardship

What If A Levy On Wages Is Causing A Hardship?

An IRS levy is the legal seizure of a taxpayer’s property to satisfy his or her tax debt. The IRS may garnish wages, seize and sell real and personal property, and take money in any bank or financial account under the legal authority of a levy, which is given to the IRS in I.R.C. § 6331. The IRS may levy any property owned by a taxpayer, or on which there is a Federal tax lien, unless the property is exempt from levy.

How Long Does A Status Of “Currently Not Collectible” Last?

“Currently Not Collectible” (“CNC”) status exists when the IRS categorizes a taxpayer’s account as uncollectible. This status may occur when the ten-year statute of limitations for collecting a tax debt expires or the IRS is unable to locate a taxpayer. It may also occur if a taxpayer maintains that he or she cannot make monthly payments to repay tax debt because such payment is an economic hardship.

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