Do You Owe The IRS or State Back Taxes?

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If you can’t currently pay the back taxes you owe—regardless of the amount of tax debt you have and how far behind you are—it’s in your best interest to try to reach a resolution with the IRS, or other state agencies before they come after you.

In some instances, getting resolution can be as simple as going to the IRS website. If you have all tax returns filed and owe less than $25,000, the IRS will automatically grant you a 5-year payment plan, provided you file and pay on time going forward.

However, if you’re unable to make payments or if you owe the IRS more than $25,000, seeking out professional assistance can mean the difference between keeping and losing your full paycheck, home, business, and other personal property. If you don’t know how much you owe the IRS, or other state agencies, you should follow this advice as well.  We’ll help you.

Although every person’s case is unique, the overarching goal of the IRS, and other state agencies is to collect as much as possible. However, they recognize that circumstances such as financial hardship can make it impossible for a person (or business) to pay back the full amount they owe, or to make one lump-sum payment. This is especially difficult when the amount owed includes all the added on interest and penalties. This recognition may allow you to postpone, reduce, or break up your state or federal tax bill into a manageable payment plan.

Depending on your circumstances, this may mean an Offer in Compromise, Installment Agreement, Currently Non-Collectable status, or Bankruptcy. The exception to this rule applies when a person willfully evades paying tax by hiding assets or failing to report income. The IRS can process those cases as criminal rather than civil, and can put the offender behind bars.

Your odds of effectively negotiating a settlement with the IRS, and other state agencies are improved dramatically when you have a skilled Enrolled Agent representing you.

Don’t wait if you are in need of SOLVING Back Taxes. Contact us and schedule your free consultation.