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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 54713
Experience:  29 years of experience as a tax, real estate, and business attorney.
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i owe the irs 148,000.00 in payroll taxes. how can i get them

Customer Question

i owe the irs 148,000.00 in payroll taxes. how can i get them to not seize my property that makes my money
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. A taxpayer in your position 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: . You can take these steps on your fact, engaging an attorney or an accountant to do this on your behalf actually sends the wrong message to the IRS...i.e., that you have money to pay them, but not your taxes.

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!

Customer: replied 4 years ago.

do you think the irs would stop seizure and levies against my company

Expert:  Richard replied 4 years ago.
Thanks for your reply. Yes, filing for your offer in compromise stops all collection efforts while you are going through that process and the offer in compromise will either result in an installment agreement or a one-time payment, both of which will stop any collection efforts as long as you comply.