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 Posted: Fri Jul 13, 2007 11:21 am Subject: irs debt |
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I owe the govt about 10k for 5 years of taxes.
They set me up to pay $125 a month, which I have been doing. However, the interest and penalties seem to so large that a very small percentage of this $125 a month is going to principal.
Short of making huge dent payments, is there anything else that I can do.
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sycamoresammy
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| Posted: Fri Jul 13, 2007 12:45 pm Subject: |
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You can do what they call an offer in compromise but you really should geyt a prfessional to handle it. Beware of these people because there are lots of shady ones. Get recommendations. There are probably some people here who can help. Post a thread that says looking IRS help and ask for recommendations. Oh I thought I was logged in! I hate when that happens!
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Froggpatch
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| Posted: Fri Jul 13, 2007 4:15 pm Subject: |
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And with an Offer in Compromise, you have to do the following: pay what you are offering in a lump sum, and with that you have to agree to not incur any more tax liability and file and pay promptly.
You also have to show why paying the full amount you owe is a financial hardship, so be prepared for some pretty harsh scrutiny.
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kscornell
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| Posted: Sat Jul 14, 2007 6:26 am Subject: |
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On the plus side, though, from what I've heard and seen at work, the IRS is actually pretty fair and decent to work with. Good luck!
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finsfan13
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| Posted: Sat Jul 14, 2007 8:17 am Subject: |
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From what I hear from my accountant, you have 5 years to pay and if you can prove hardship they will consider.
I forwarded what you told us to him
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poconomoki
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| Posted: Sat Jul 14, 2007 8:47 am Subject: |
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That is true--but be prepared to put all of your household expenses in a spreadsheet, because they will scrutinize all of them. Good luck!
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kscornell
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