For tax debt collection resolution, there are generally 3 major options that can occur:
1. Installment Agreement (“IA” – i.e. a payment plan), or
2 general payment plan options:
Streamline, or Fully negotiated (Full payment or Partial Payment of total liability)
2. Currently Not Collectible (“CNC” or “53”) or
3. The Offer in Compromise
This series will focus on the Installment Agreement and Currently not Collectible options in detail and give a brief overview of the Offer in Compromise, the ultimate relief for your tax debt.
It is recommended that you consult a competent tax professional for all of your options and questions.