Tax Relief with Logan Allec, CPA
Do you owe back taxes to the IRS or your state government or have unfiled tax returns? Then this is the podcast for you! Every Monday, Wednesday, and Friday, Logan Allec, CPA — owner of A+ BBB-accredited tax resolution firm Choice Tax Relief — explains exactly how to get tax relief for your back tax debt. Would you like a FREE tax relief consultation with Logan's company, Choice Tax Relief? Schedule your consultation now by calling 866-8000-TAX!
Tax Relief with Logan Allec, CPA
IRS CNC Status or a Payment Plan? Here’s What Matters
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Do you owe at least $10,000 in back taxes? Book your FREE consultation with Choice Tax Relief by calling 866-8000-TAX or booking here:
https://choicetaxrelief.com/free-tax-...
If the IRS payment demand is more than you can afford, my team can help you understand whether hardship relief or another resolution may fit your situation. Free. No obligation. No judgment.
The IRS wants $1,800 a month, but this taxpayer says they have only $200 left after expenses. Could they qualify for Currently Not Collectible (CNC) status? I break down the situation and discuss what could affect the options available after bankruptcy.
In this video, I cover how disposable income and IRS expense standards affect the analysis, why a partial payment installment agreement (PPIA) may be another option, and how allowable expenses and changes in income can affect a proposed resolution. I also explain why a tax professional’s review of the financial details can matter when the IRS payment demand doesn’t match what someone can afford.
CHAPTERS
0:00 The IRS wants $1,800—but only $200 is left
0:25 Borrowing money to pay the IRS
1:03 Does $200 left over qualify for CNC?
1:20 Bankruptcy status and IRS collections
2:18 Reviewing the financials with a tax professional
3:11 Partial-payment installment agreements
3:21 Expenses and IRS disposable income
4:26 Health insurance and other expenses
5:02 Future income and Social Security
5:25 Get help with your tax debt
WATCH NEXT
Currently not collectible status explained: • Currently Not Collectible Status Explained...
Partial-payment installment agreements explained: • The IRS Partial-Payment Installment Agreem...
IRS payment plan or offer in compromise: • IRS Payment Plan or Offer in Compromise: W...
CLARIFICATIONS
CNC temporarily delays collection; it does not forgive the tax debt. Interest and applicable penalties continue, and the IRS may review your ability to pay again. Eligibility depends on your income, assets, and allowable expenses. The expense examples discussed are not automatic approvals: paying a professional or taking on a new payment does not by itself guarantee CNC status.
IRS guidance on temporarily delaying collection:
https://www.irs.gov/businesses/small-...
IRS financial analysis and allowable expenses:
https://www.irs.gov/irm/part5/irm_05-...
General education; the appropriate resolution depends on your individual financial and tax circumstances.
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