I owned a business and it was sucking me dry, so I sold it. I received $100k for it but I receive it over a 3 yr period with monthly payments. I had such a hard time during my ownership that I wasnt able to pay alot of the tax bills that were due and now I am left oweing about $20,000 in debt to workers comp, ohio tax, fed tax, etc. I wass told by someone that since I sold the business that I could settle for less on alot of this debt. Is this true, I have liens, all kinds of letters coming in I need help. I dont have the money to pay this thats why I am in this poisition.
2007-02-19 06:22:22 · 4 answers · asked by worriedmom 2 in Business & Finance ➔ Taxes ➔ United States
As Stuart stated if it is Employment Taxes that you owe, you will not be able to get out of paying that due to it being the employee's money that is owed. It was taken from the wages of the employee
Now for your own personal tax liability you can complete form 656 Offer in Compromise, filing in the financial statement that is part of the application process and the IRS will review whether you meet the guidelines for accepting an OIC offer from you
http://www.irs.gov/individuals/article/0,,id=164893,00.html
Call the IRS for the form 656 to be sent to you. you do not need to pay a ton of money to a lawyer or Settlement Company to complete this form for you it is pretty straight forward in requesting information from you
2007-02-19 07:11:18 · answer #1 · answered by Anonymous · 2⤊ 1⤋
If what you owe is the employment taxes that were withheld from an employee's paycheck. there is no getting out of paying that, That is your employee's money that you withheld it wasn't your own. You will owe that regardless.
If it is your own personal taxes you owe you might be able to request an Offer in Compromise on that debt,
2007-02-19 06:30:01 · answer #2 · answered by stuart 3 · 2⤊ 0⤋
It's probably possible to settle this for pennies on the dollar, but you'll need to take action quickly. There's a limited window of opportunity. It's best to hire an experienced attorney. A well-known firm is referenced below. Try it.
2007-02-19 06:51:23 · answer #3 · answered by Scotty Doesnt Know 7 · 0⤊ 4⤋
you will have to plus you will need to use the money you have got from the sale of you bussiness with in 6 mothes or pay tax on that too.
2007-02-19 06:30:31 · answer #4 · answered by sruhad1983 2 · 0⤊ 2⤋