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I owe back federal taxes for 4 years. I filed my returns but have not paid the amount due. The penitlies have amost double what was due. What can I do ? There are numerous tax help attorneys out there, can they help me or just cost me more money?

Submitted: 398 days and 18 hours ago.

Category: Tax

Value: $30

Status: CLOSED

Easley, South Carolina

Already Tried:
internet reserch only

Accepted Answer

Hello and thank you for using Just Answer. If you owe the back federal taxes there is little a EA, CPA or an Attorney can do to reduced the taxes owe. You can apply to have the penalties abated if you had a reasonable cause for late payments of federal taxes. You can also apply for a Offers in Compromise if you cannot pay the full amount due and meet basic living expenses. A acceptable offer must be the maximum amount the taxpayer can pay after allowance for basic living expenses, calculated as follows:
Realizable value of your assets (80% of fair market value)

Plus your future income

Less your allowance for basic living expenses.

You can read more about Offers in Compromise at www.irs.gov/pub/irs-pdf/f656.pdf and penalties abated at www.irs.gov/pub/irs-pdf/i843.pdf

Accepts:
Expert:	Marvin,EA
Pos. Feedback:	98.5 %
Answered:	10/19/2008

Enrolled Agent

10 years self employed , Income Tax Preparation & Representation

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I owe back federal taxes for 4 years. I filed my returns but have not paid the amount due. The penitlies have amost double what was due. What can I do ? There are numerous tax help attorneys out there, can they help me or just cost me more money?

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Easley, South Carolina

Already Tried:
internet reserch only

Accepted Answer

Tax

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Question

I owe back federal taxes for 4 years. I filed my returns but have not paid the amount due. The penitlies have amost double what was due. What can I do ? There are numerous tax help attorneys out there, can they help me or just cost me more money?

Optional Information

Easley, South Carolina Already Tried: internet reserch only

Accepted Answer

Related Tax Questions

Easley, South Carolina

Already Tried:
internet reserch only