We have a huge tax bill from a couple of years ago. We do not make nearly the amount of money we did back then. My hubby is a trader and we lost all the money we put a side for taxes because we had to live off it.
Is there anyway to settle with the IRS for a less amount? I do not want to be under them anymore and it seems we will never pay them off. At this point we don't even have the cash for the monthly installment payment.
All our savings are gone because we have not made anything in the last two years. He is working but we are just getting by.
We have sold everything we just about own to get us back on our feet.
This is not a sob story because I know we will get back on our feet but taking care of this IRS issue is one of the steps to getting us there.
So any info would be greatly appreciated! :)
Thanks!
2006-09-01 04:36:19 · 9 answers · asked by jumpthattb 2 in Business & Finance ➔ Taxes ➔ United States
flee the country
2006-09-01 04:37:56 · answer #1 · answered by Mr. Takafushi 5 · 0⤊ 0⤋
THe IRS does review hardship cases, you'll have to provide documentation. They may waive penalties, interest, reduce taxes owed, but's it is all case by case basis. Go to the www.IRS.GOV website and start researching the issue. Before you pay any money to anyone else to try and reduce this; due your research and write a letter to the IRS to see if you can get this reduced yourself. I did this for my mother whom was suffering from depression and did not file for many years; we were able to get her taxes reduced and much of the penalties and interest waived. It will take time, continue to make payments (if you do not have a payment arrangement, get one and stick to it). You have to show good intentions in order for the IRS to work with you. If they believe that you are just attempting to get your taxes reduced just for your benefit and not for hardship, they will not bend very much.
2006-09-01 11:45:52 · answer #2 · answered by goldmedaldiver 2 · 1⤊ 0⤋
You will have to hire a tax lawyer to file the correct papers. the IRS may except a reduced amount but the longer you wait the more interest is building against you
2006-09-01 11:57:31 · answer #3 · answered by aussie 6 · 0⤊ 0⤋
Talk with an attorney, usually you get a free consultation so there is nothing to loose and they may be able to help you out! Best of Luck!!
2006-09-01 11:38:18 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The IRS is the worst, and stupidest, terrorist organization on Earth, shakes down the little people and lets corporations and their army of lawyers have a free pass!
2006-09-01 11:38:04 · answer #5 · answered by Anonymous · 1⤊ 1⤋
Invest in a good, competent CPA (it will be worth it), and do an 'offer in compromise'.
2006-09-01 11:41:40 · answer #6 · answered by l_quicksilver 3 · 0⤊ 0⤋
You need a tax attorney.
2006-09-01 11:37:51 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Call JK Harris. They will help you settle. They helped someone I know.
2006-09-01 11:37:46 · answer #8 · answered by Husker 3 · 0⤊ 1⤋
Hey,, don't feel bad,,, i have been there and am back there again until my CPA saves my behind.......
Hang in there,,,,,,,i know how it is......
good luck
2006-09-01 11:42:31 · answer #9 · answered by eejonesaux 6 · 0⤊ 0⤋