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Currently Non Collectible.

The IRS Currently Non Collectible program means that a taxpayer has no ability to currently pay his or her taxes. Once the account is placed in a Currently Not Collectible status, the IRS does not pursue collection activity against the taxpayer and the statute of limitations on the tax liabilities will continue to run. Generally, unless the taxpayer’s financial situation changes, the account will remain in a Currently Not Collectible status until the tax liabilities expire.

However, if the taxpayer’s financial situation improves the account will be taken off of Currently Not Collectible status so that the IRS can collect the taxes through full payment or an Installment Agreement.

When a taxpayer has a negative cash flow and has equity in assets that the taxpayer is dependent upon, the taxpayer could attempt to resolve their account by having their account placed in a Currently Not Collectible status depending on their circumstances. For Currently Not Collectible status, the underlying issue is that liquidation of a particular asset is either not feasible or would cause a financial hardship.