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MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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I owe the IRS alot of money 25k. I am on a payment plan but

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I owe the IRS alot of money 25k. I am on a payment plan but with intrest and penalities I am getting nowhere. What can I do?
Submitted: 7 years ago.
Category: Tax
Expert:  MequonCPA replied 7 years ago.



There are services that can assist you. However I do not have any first hand knowledge of which services are better than others.


One option for you is to submit an Offer in Compromise. This is a proposal to the IRS to settle the amounts owing for some amount less.


I am providing a link to IRS Publication 656 that explains the process. There is no requirement that you use a professional to assist in the preparation, but it may help. An enrolled agent or CPA in your area may be able to assist.


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