When a taxpayer owes money to the IRS, there are collection  alternatives available.  In this two-part series, I will discuss the  collection alternative called Currently Not Collectible.  When a  taxpayer experiences a financial hardship, that individual may qualify  to have the account placed on hold until the debt expires.
In part 2, I speak about the second page of the collection information  statement short form, Form 433-F, and the pros and cons of Currently Not  Collectible status. 
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