Enrolled Agent Exam [Part 3] 64, Currently Not Collectible and Economic Hardship

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Currently Not Collectible (CNC) is a temporary status for taxpayers in economic hardship, not a permanent forgiveness of tax debt. - The IRS uses Form 433 and Allowable Living Expense standards to determine if a taxpayer's income is insufficient to cover basic needs and tax payments. - While in CNC status, interest and penalties continue to accrue, and the IRS can still file a Notice of Federal Tax Lien and seize tax refunds. - CNC status is subject to periodic, often annual, review by the IRS to see if the taxpayer's financial condition has improved. - A key exam distinction is that CNC status does NOT stop the 10-year Collection Statute Expiration Date (CSED) from running, unlike an Offer in Compromise. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep