The Currently Non Not Collectible status is an option for taxpayers who are not able to pay their delinquent tax debts immediately. If the filing taxpayer qualifies for this option it can give some breathing time. However, this option is not a complete solution to your tax problem and should be seen as a piece of a larger tax solution strategy.
While declaring Currently Non Collectible status will halt current IRS collection actions against you it is not a permanent status. In general it gives you 18 months to 2 years to get your finances back in order. At that time you will owe more money due to the fact that interest has been accumulating while you were unable to pay. For this reason, how helpful this option is for you depends on your personal situation. In order to best plan your tax relief strategy, we recommend talking with a knowledgeable tax attorney who can help guide you into a better future.
For more information about the Currently Non Collectible Status and how it can work for you watch the video provided at this link. https://chicagotaxteam.com/irs-currently-not-collectible/