IRS Question Corner …
Question: Help! After a successful business that went under unexpectedly, and some bad tax advice in the past, I’m stuck with a six-figure tax bill — and no way to pay it. What are my options?
Answer: I know how difficult this time is for you. Having a large tax bill looming over you is among the most difficult things to face. Financial uncertainty can be crushing.
But you have options. And know this: You are not alone. Thousands of American taxpayers just like you have found themselves in trouble with the IRS. They got out that trouble.
And you can too.
The first thing you should do it consult a qualified tax professional. He or she will analyze your return with a fine-tooth comb to make sure you’re not obligating yourself to pay even a penny more than you owe. Once you and your tax professional have determined your exact tax debt amount, it’s time to meet with an IRS agent.
You may qualify for what is known as the Offer in Compromise program. If you have amassed a large tax debt but, due to current situations, are unable to pay that debt down, you may be able to negotiate a settlement amount with the IRS that amounts to pennies on the dollar. This program is meant to allow indebted taxpayers to come into compliance with the law under mutually agreeable circumstances.
Another option is the Installment Agreement. If you can pay your tax debt, but only over a period of time, you and the IRS may enter into an agreement that would let you pay down your debt just like you pay down a car loan.
Michael Rozbruch solves IRS problems like yours every day. He is an IRS Problem Solver. For a free, no-risk consultation, please call his office at 818-774-1813 or visit the Tax Resolution website.
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