I just talked to the IRS this morning and they informed me that I am placed in uncollectable, so what does this mean to me? should I go on and send in my OIC with the chance that it will be approved or should I just leave well enough alone and not open up a can of worms with the IRS? Hope you will answer this for me thanks
Sorry I took so long to answer, I just found your post. TNC (also called "53 status") is periodically reviewed. If you filled out Form 433A and the Revenue Officer put you in TNC then you should probably submit an Offer in Compromise based on the 433A's Reasonable Collection Potential. I caution you though - DO NOT SUBMIT ANY OFFER WITHOUT TALKING WITH A TAX PRACTITIONER WHO KNOWS THE OFFER IN COMPROMISE PROGRAM AND WHO FEELS IT WILL SUCCEED. While the account is in 53 Status, the SOL keeps ticking away. While an OIC is pending the SOL clock stops.
