Phoenix Financial Group obtains Non-Collectible Status for business.
Phoenix Financial Group was able to successfully negotiate a Non-Collectible Status for a business that had hired them. There were no complaints from the client as they did not need to pay anything back to the IRS on a monthly basis.
Non-Collectible Status is when the IRS suspends collection action on a taxpayer as it would create a financial hardship to do so. This program is not a scam. It is possible to get into a Status where you do not have to set up a payment plan to repay your past due taxes.
When in a Non-Collectible Status, a taxpayer's debt remains under their tax ID but the IRS does not require them to make a monthly payment towards the debt. Needless to say the IRS does not just grant people this status without making sure they qualify. A financial analysis needs to be done, complete with applicable supporting documents.
The tax professionals at Phoenix Financial Group can assist taxpayers in completing the required financial statements (Form 433-A Collection Information Statement for Wage Earners and Self Employed Individuals or Form 433-B Collection Statement for Businesses). These forms need to be completed accurately or not only will a taxpayer will not be placed into a non-collectible status, they will be forced to pay an Installment Agreement payment that they cannot afford.
Not all taxpayers qualify for Non-Collectible Status. Your financials have to show that you cannot afford to make a monthly payment but you can afford to stay in compliance with your current tax obligations.
Phoenix Financial Group is a full service tax firm meaning they can help you prepare and file your tax returns and represent you before the IRS regarding your past due tax balances.
