I need a loan for 2 million to pay off IRS back taxes. Is this possible?

Question

Old taxes from years ago but IRS is getting anxious for the money. I own a business that is doing well and do not owe any current taxes. Just want them off my back. Hopefully we can compromise on a settlement.

Answer 1

Sure it's possible. What do you have for collateral? If the collateral is more than $2 million, then there should be no problem at borrowing from a bank. If the collateral is less than $2 million, then all I have to say is good luck.

Answer 2

If you have made enough money to now owe the IRS $2 Mil you should be able to afford someone to make an offer in compromise or some sort of settlement. If you have the collateral to support that size of loan a settlement may just be a challenge. The IRS just may think that you are trying to avoid paying up.

Answer 3

Just like any other loan, you could get it if the lender thinks you are qualified. Reading between the lines in your post, it sound like you are really looking for an offer in compromise where IRS will settle the account for less than full payment. (As an enrolled agent licensed by the Treasury Department, this is in my professional area of expertise.)

If I have guessed right, you would have to offer an amount that represents what IRS is satisfied represents the reasonable collection potential of the account. In a normal context--and a $2 million liability is far from normal--this is a lump sum equal the equity that could be realized from the quick sale of all assets not exempt from levy and 48 times what IRS says you could pay on a monthly basis using its allowable expense standards. If you need more details you can send email to people who post in these forums.

Answer 4

Two million? You've got to be kidding! Even with penalties and interest added on for years, that's a huge amount. You need to work with a CPA or enrolled agent that's experienced in OIC's to see if you can get that knocked down - I assume you already are doing that.

Getting a loan for 2 million dollars for this is pretty unlikely - you'll more likely just end up making payments to the IRS instead.

Answer 5

DM,

What type of taxes do you owe? Are these trust fund taxes against an old out of business corporation? Have there been civil penalties assesed against you by the IRS, it does not sound like this is individual tax liability. Have you filed all of your returns and determined the balance due is accurate? If your tax liability is that large there are alot of questions that should be addressed. You really should seek qualified help.


Christopher R. Jacquez, EA

President, eTaxrelief.com

Answer 6

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LOAN SCAM - Do Not Pay UpFront Fees.
Do not send money UpFront via Western Union or MoneyGram to any person or business in the UK, Nigeria or Canada in hopes of getting a loan. If you do you will learn a hard lesson & never see any Loan money.

Answer 7

what does your business or yourself have that can serve as collateral?

With plenty of collateral, your business' bank would likely be happy to make this loan.

AND, it might be cheaper, interest wise, to come to a payment plan deal with the IRS. Collateral likely wouldn't be required, either.


GL

Answer 8

look for an IRS Attorney, after all the IRS can make mistakes too. Otherwise if you know it is accurate then set up payment plan that you can stick too.

Answer 9

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