Posts Tagged ‘offer in compromise’

What Should You Do IF You Can’t Pay Your Taxes When Due???

Tuesday, April 3rd, 2012

The exclusive purpose for the information which is provided from this website is to disseminate information, and not to provide tax advice.

 Over the span of many years I have often been in the unfortunate situation in which I was working with someone who was tasked with solving (or resolving) a problem who honestly believed that “If we just ignore the situation, it will go away!”   This foolhardy logic is obviously  rarely,  if ever, true for almost all of the similar situations in our lives, and it certainly is not true when it involves the payment of our tax liability.  “Tax liability” in this context refers not only to income taxes, but sales taxes, payroll taxes, estate taxes, gift taxes, etc. 

If you have a significant amount of taxes which are owed but for which you do not have the financial resources to pay, consider contacting an attorney/CPA or a CPA who specializes in tax law and who has an extensive experience base in negotiating favorable terms for taxpayers with the Internal Revenue Service.  However, avoid contacting anyone who advertises in any medium in which they offer to negotiate on your behalf to pay just pennies on a dollar for the taxes that you owe.   

There are also other options which may be available to you for smaller amounts of taxes which are due, but for which you can not pay: (more…)