Cannot pay the IRS?
We know the story: things are tight financially, so you either (1) do not file the tax return, or (2) file the return but don’t pay the balance due. But do not worry, you tell yourself, next year will be better. Now it is 2-3 years later and a letter arrives from the IRS, and the threats start, and maybe it has even gotten to the point of actual levy and seizure activity. Now the IRS is wreaking havoc on your financial life and you simply do not know what to do.
We know. We have helped many clients through that exact scenario. Fear not, there is light at the end of the tunnel. However there are some ground rule you need to be aware of and a roadmap to follow:
1. Tax Compliance - The first step is to get into "tax compliance". It means you have filed all tax returns due for the last 6 years and have made your current tax payments. Once you are in tax compliance we can now work on resolving the back-tax issue.
2. Collection Alternatives- The three main collection alternatives to resolve a back-tax debt are - installment agreement, uncollectible status and offer in compromise.We thoroughly assess our clients situation and assist them with tax settlement options so they can have peace of mind while we work with the IRS to end their tax problems.
Give us a call for a free consultation ($300 Value!) at 602-904-6535.
Vani Murthy, CPA | 11/21/2020