If you owe taxes to the IRS, and feel like you do not have the money to pay them back, you can work out a payment plan with the IRS, also known as an Installment Agreement, which allows you to pay your tax liabilities over time.  Some people are able to negotiate their tax payment plans, but if you owe $25,000 and over, I would highly recommend working with a tax professional to negotiate a payment plan that you are comfortable with.  Remember that the IRS does not discriminate!  Evading taxes is a severe crime whether you owe just a few thousand or a few million!  This multimillionaire in the article below is a great example, he may be rich but he will still be sitting in prison like everyone else. 

The developer of a Morris County, N.J., condominium community was sentenced to a year in prison for evading corporate income taxes.

Morton Salkind, 77, of Denville, N.J., and Aventura, Fla., was ordered to turn himself in to the federal Bureau of Prisons on Oct. 5 to begin serving his prison sentence at a facility yet to be determined. He was also ordered to pay a $30,000 fine and to serve two years of supervised release after leaving prison.

Salkind had previously agreed to pay back civil taxes, penalties and interest on his individual income taxes of approximately $17 million and to date has paid $11.5 million. That leaves a balance to the government of nearly $6 million for which he remains liable.

“Today’s sentence sends a strong deterrent message that tax evasion is not a victimless crime,” said William P. Offord, Special Agent in Charge of the IRS Criminal Investigation Division, in a statement.

In pleading guilty, Salkind admitted that the false accounting entries included claiming approximately $5.7 million in expenses related to the development of Fox Hills that were never incurred. He also admitted that false accounting entries inflated legitimate project expenses.

Tax Resolution Services is a team of tax attorneys and IRS specialists who are here to help you find tax relief.  Our tax attorneys can help you negotiate an IRS Payment Plan that fits your lifestyle and needs.  Fill out our online tax consultation form - it’s a free tax consultation to get you on the road to tax relief.  Get free tax advice everyday by subscribing to our tax blog!

More Tax Help, IRS News and Tax Relief Tips:

1. IRS Payment Plans Are a Possibility Even If You Owe $4 Million Like This Las Vegas Attorney
2. Tax Resolution Services Solves Tax Problems such as Back Taxes, No Help for Man Facing 20 Years in Prison for Tax Evasion, Selling Stolen Software
3. Texas Woman Evades Taxes and Gets Prison Time - Options Like IRS Payment Plan Can Help Ease Tax Burden
4. Tax Lien Filed Against Backstreet Boy, Aaron Carter Owes $1M to IRS
5. Back Taxes Owed by Minnesota Businessman Facing 5 Years in Prison Amount to Over $332k

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This entry was posted on Monday, October 26th, 2009 at 2:18 pm and is filed under IRS Installment Agreements, IRS Tax Cases, IRS Times and Inquirer. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.