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DELAYED IRS COLLECTIONS AND CURRENTLY NOT COLLECTIBLE STATUS
When the IRS deems that collection procedures are not productive the account is place in "Currently Not Collectible Status" This is good news for the taxpayer short term, as all collection activities will be haulted as long as the taxpayer is in this catagory. Main reasons to be placed in this catagory are: inability to locate the taxpayer or assets, complete expiration of the statutory period for collection, suit initated to reduce tax claim, death of an individual, and inability to contact a taxpayer, although the address is known and no means to enforce collection. It should be noted collection can resume any time before the expiration of the 10 year collectIon statute.
Certified Public Accountants FAX 732-516-9778
328 Amboy Ave, Metuchen NJ 08840