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What is Currently Not collectible?
The term, "Currently not Collectible" means exactly what it implies. There are taxpayers that do not have the financial ability to pay the IRS anything, not even on a monthly basis without it causing a financial hardship. Some of those taxpayers qualify for CNC.
And once the Currently Not Collectible status is approved, the taxpayer is not required to make any payments to the IRS. In addition all IRS aggressive collections actions are immediately stopped. The IRS usually permits the taxpayer to maintain this status for 18 to 24 months to improve their financial condition. Unfortunately interest will continue to accrue.
The IRS will reevaluate your financials at the end of the non collectible period. At that time if it appears you have positive cash flow and the ability to make monthly payments to the IRS. Then the IRS will establish an Installment plan and require you to make monthly payments.
However if your monthly allowed expenses are greater than your monthly income, the IRS will continue to deem you uncollectible and you will not be required to make tax payments of any sort.