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Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 54542
Experience:  29 years of experience as a tax, real estate, and business attorney.
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I owe over 350k in back taxes for years 2009 2010 and 2011

Customer Question

I owe over 350k in back taxes for years 2009 2010 and 2011 -while my house has no equity I have a buisness can they take that -also will they let me pay that amount over 5 years?
Submitted: 4 years ago.
Category: Tax
Expert:  Richard replied 4 years ago.

Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. Your ownership interest in the business would be at risk, but it's not likely the IRS would deprive you of the ability to run a business which would be the means by which you would be able to re-pay them. The IRS will work with you on this. A taxpayer unable to pay the full amount of taxes due can deal
with the IRS in one of two ways: i) if the taxpayer can pay it within 60
months, the IRS will work out an installment payment arrangement with the
taxpayer; if the amount due is under $50,000, the taxpayer can do this on-line;
or ii) if not, the taxpayer would want to file an application for an Offer in
Compromise where the IRS will agree to forgive all or a portion of it that
can't reasonably be paid within the 60 month period. There is a step by step process for filing
the Offer in Compromise application, as well as the full details of the
program, in the IRS Offer in Compromise booklet which you can find at the
following website: www.irs.gov/pub/irs-pdf/f656b.pdf

 

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