Key Takeaways
- The decision to place a taxpayer’s account on CNC is based on an examination of your Collection Information Statement (CIS) that has been completely updated to the time of the examination.
- Currently Not Collectible status is meant for severe economic hardship – it is not easily granted.
- Periodically, the IRS and FTB will re-evaluate your situation to see if your financial status has changed enough to begin collections again.
Sometimes your financial fortunes take a turn for the worse, and you find yourself owing back taxes to the Franchise Tax Board. You don’t even have two coins to rub together, much less make installment payments, yet you are looking for an alternative to filing for bankruptcy. An Offer in Compromise is also off the table; you just don’t have the money.
