I owe the IRS around $30,000 and have no money to pay them, what can I do?

Question

they threatened to put a lien on my assets (which I dont have!)

Answer 1

No assets means super lien on your credit; plan on it sitting there for at least 20 years and probably longer.

Need to work out SOME Kind of payment plan with them.

Answer 2

First, it depends on what part of the process the IRS is in if this is your first you received from them then they haven't assesed it yet get a Lawyer to look into it if you have any room to negoiate on why you owe them that then try to settle in appeals. On average the IRS will settle in appeals on about $.50 on the dollar litigation is expensive even for them. Also if you think you have a case and you have not let your 90 day letter elaspe then you can file in tax court which means you dont have to pay the tax until after the court decides could give you a little time to find the cash. And if the 90 letter has elasped your pretty much going to have to pay and then if you think that you are due the some of it back sue for a refund. They will probably work out a payment plan if you are going to owe the money but they will charge interest. If it possible I would get a loan and pay it off or depending on how quickly you think you can pay it off a credit card with low interest. The earlier you consult a lawyer the better your chances are at reducing the liability.

Answer 3

You say that you don't have assets... but I do wonder if you understand that they mean they will take your home, your car, your personal property of any value (including your TV, ipod, computer, etc.) When the IRS says assets, they don't fool around.

And it's not like taking bankruptcy where you have some protection -- yes, they CAN and they WILL take absolutely EVERYTHING you own and sell it at auction to pay your tax debts. Then, if that still doesn't clear your debts they can and will "attach" (or basically confiscate) your wages until your debt is paid in full.

HOWEVER, you may still be able to stop this from happening if you try to work out a payment plan with them. If they agree to a payment plan, do NOT miss a payment, though -- because you put yourself right back in jeopardy for losing everything.

Call them NOW -- don't hesitate, because the longer you wait, the more likely they are to start moving forward with the liens, etc. And once they start down that path, it's very difficult to stop.

Good luck.

Answer 4

Whatever you do, stay away from wesley d. The government does not approve or certify lenders. His 'answer' is also a REPORTED violation of Yahoo rules.

You are probably eligible for a payment plan. I agree with the "former IRS drone" that you probably don't understand the term 'asset' as the IRS defines it. Don't wait for them to find you. Make arrangements now.

Answer 5

you have to talk to them and work out a payment plan or they can garnish your wages (in which case you'll be totally up a creek) or they can have you arrested and put you in jail

contact a lawyer in your area. look in the phone book for an attorney that will give you a free consult and ask what recourse you have


good luck

Answer 6

The IRS is good about making payment arrangements. Call them and talk to someone about your problem before they start to garnish your wages.

Answer 7

they can usually set up some kind of a payment plan. check with your accountant (or get one if you don't use one). He or she can be a HUGE help when dealing with the IRS!

Answer 8

You should call an IRS resolutions service, its SUPER difficult to get anything done with the IRS by yourself. blieve me, I tried. I had a similiar problem in 2005-2006 and I owed $44K, I called a company called assured tax relief, and they really know their stuff. just go on their site and call them.

Answer 9

Wow! thank you! I was wondering the same question yesterday

Answer 10

I think you should look for a tax service also, as Leonard says above. I looked at that site, its pretty cool... :)