2007-03-28 14:51:09 · 8 answers · asked by taurus_0404 3 in Business & Finance ➔ Taxes ➔ United States
What you are asking about is called an offer in compromise. They are very difficult to get, but are possible. See the linked publication to figure out if you qualify. http://www.irs.gov/pub/irs-pdf/f656.pdf
2007-03-28 18:35:06 · answer #1 · answered by mattapan26 7 · 0⤊ 0⤋
Not usually. But there is a form you can file with your tax return, requesting installment payments.
This is from the IRS web site... www.irs.gov
"How to Set Up an Installment Agreement
Taxpayers wishing to pay off a tax debt through an installment agreement, and owe:
$25,000 or less in combined tax, penalties, and interest can use the Online Payment Agreement (OPA) or call the number on the bill or notice (have the bill or notice available, along with the social security number). A fill-in Request for Installment Agreement, Form 9465, is available online that can be mailed to the address on the bill.
More than $25,000 in combined tax, penalties, and interest may still qualify for an installment agreement, but a Collection Information Statement, Form 433F may need to be completed. Call the number on the bill or mail the Request for Installment Agreement, Form 9465 and Form 433F to the address on the bill.
You will receive a written notification telling you whether your terms for an installment agreement have been accepted or if they need to be modified."
They will generally work with you, and it's a good idea to pay at least a token amount with the request, when you file your return. It won't do you any good to file a request for extention of time to file, because they want their payment when you file the extention request by April 17th.
2007-03-28 22:00:26 · answer #2 · answered by Peggy K 5 · 0⤊ 0⤋
You can set up a payment plan with the IRS or try to find an alternate form of financing.
You must have a serious financial hardship to settle for less than what you owe.
2007-03-28 23:32:22 · answer #3 · answered by Steve 6 · 0⤊ 0⤋
No, but if you contact them, they can set you up on a payment plan so you don't have to pay the entire amount at one time.
2007-03-28 22:18:20 · answer #4 · answered by Mariposa 7 · 0⤊ 0⤋
There is too much at stake to rely on our answers here. Go and ask the tax preparer, or better yet, a Tax Attorney.
2007-03-28 22:00:32 · answer #5 · answered by Hope 7 · 1⤊ 1⤋
Not much wiggle room with them at all. I'd ask your accountant to file every extension possible to buy you some time, but with extensions you'll have to pay some money. Good luck honey!!
2007-03-28 22:04:29 · answer #6 · answered by wwhrd 7 · 0⤊ 2⤋
DON'T BELIEVE THOSE TV ADS...
IRS NORMALLY GETS THERE MONEY..
YOU TALK WITH IRS....
2007-03-28 22:27:46 · answer #7 · answered by cork 7 · 0⤊ 0⤋
no..they are *******.
2007-03-28 21:59:17 · answer #8 · answered by Anonymous · 0⤊ 2⤋