Have a Tax Question? Ask a Tax Expert
Hello and thank you for using Just Answer,
You do have options and an Offer In Compromise (which is what you deiscribed) is one
First you would need to set up a payment plan
The IRS would not even look at an OIC unless you do.
i cant get it reduced. and what is a oic
Offer In CompromiseThey generally approve an offer in compromise when the amount offered represents the most they can expect to collect within a reasonable period of time. Explore all other payment options before submitting an offer in compromise.
would getting a tax attorney who tries to reduce the amount be a good idea
The payment plan is required first. You set up saying you will pay so much and then after it is accepted you can ask for the Offer In Compromise(OIC) to pffer an amount less than the full tax due.
You can get an attorney but get one you already know if you can
Those pennies on the dollar adds are not right
what kind of a payment should i be allowed to make
Whatever you can realistically afford. I have asked for Installment payments for people at $15 a month
even when they owe 11000. also will this be put on my credit report and do they take the amount every year for your income tax refund. also do i need a attorney
Yes to all except the attorney. A good tax preparer can assist you with the forms if you want for the Installment. A CPA or enrolled Agent would be able to assist with the OIC (and would be less expensive).
should i just to it myself and agree with the 20 payment a month. And would I have to pay interest. also would a cpa have a better stance on reducing the total amount
A CPA would be bale to look at the return info and advise if you di not take all the deductions you were allowed or if you truly owed less but they cannot get the IRS to just reduce the amount of tax. You should set up the Installment amount your self (as long as you know the amount is correct that you owe). Have a professional look at your returns and make sur ethe iRS is correct in their assessment , then set up the Installment Agreement.
be able* sorry not be bale
why do lawyers advertise to reduce tax liabilities
I do not know why they would do that, I know the IRS has issued warnings about the ads that promise pennies on the dollar for reductions of tax owed.