Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

Have a client that just got audited by the IRS, she owes 27…

Customer Question
have a client that just...
have a client that just got audited by the IRS , she owes 27 K but she does not have any money to paid , what she can do she just own a mobile home and thats it is there any way to reduce that debt ?
Submitted: 2 years ago.Category: Finance
Show More
Show Less
Ask Your Own Finance Question
Answered in 9 minutes by:
2/3/2016
Financial Professional: Megan C, Certified Public Accountant (CPA) replied 2 years ago
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16,606
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified

Thank you for your question. She has several options, which are outlined on the Taxpayer advocate site, here:

http://www.taxpayeradvocate.irs.gov/get-help/i-can-t-pay-my-taxes?taxissue=333

Please let me know if you need anything additional. If not, please rate positive.

Ask Your Own Finance Question
Financial Professional: Rakhi Vasavada, Financial and Legal Consultant replied 2 years ago
Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4,550
Experience: Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
Verified

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

There are couple of ways which you need to explore locally with a tax attorney. I believe you are the attorney yourself and if not, then you can reach out to one locally who can work with you.

There are couple of ways out such as seeking a low settlement on some grounds such as inability to pay (genuine inability), forgiveness of debt, filing of bankruptcy, etc.

I would refer you to the following link which is an excellent informational resource which will be of help to you.

http://taxhelponline.com/tax-help-now/quick-solutions/forgiveness-of-tax-debt.html

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,

Ask Your Own Finance Question
Financial Professional: Megan C, Certified Public Accountant (CPA) replied 2 years ago

The best thing for them to do is to contact the Taxpayer advocate themselves --

If they are not collectible, they can be put in currently not collectible status, although if they come into some money they will have to pay it off.

Nothing is fast - dealing with the IRS directly is always preferred to using a third party service. Local IRS offices can also be a good resource.

Ask Your Own Finance Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Megan C Your Own Question
Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16,606
16,606 Satisfied Customers
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Megan C is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

4,550 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

16,606 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
Can I process a loan without stepping into a banking using
Can I process a loan without stepping into a banking hall using my home? or can I get a car loan financing without stepping into an office?… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
351 satisfied customers
I own an S-corp, incorporated in Florida. I have had it
Hi. I own an S-corp, incorporated in Florida. I have had it since October 2017. It has been dormant since then as I have a full time job on a W2. I started it as I expected to use it some time this ye… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,270 satisfied customers
I am trying to complete a loan assumption and I have some
I am trying to complete a loan assumption and I have some questions about the financial numbers and the complication of a third party loan … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,377 satisfied customers
For the tax Accountant: How does a New York Corporation pay
For the tax Accountant: How does a New York Corporation pay 2nd quarter payroll taxes to the IRS and to NYS… read more
Carter McBride
Carter McBride
LLM
1,150 satisfied customers
I need a real international tax expert. I have been visiting
I need a real international tax expert. I have been visiting USA on a non immigrant visa for years, and spend time there visiting my wife. I have had no US sourced income during this time. This year, … read more
taxmanrog
taxmanrog
Master\u0027s Degree
971 satisfied customers
I am going to sell some business equipment and owner finance
I am going to sell some business equipment and owner finance it. I will keep title to it until paid (3 years). Who can claim depreciation on it for those three years?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,377 satisfied customers
It's a little convoluted...but here goes. I have an LLC with
It's a little convoluted...but here goes. I have an LLC with a partner - we own it 50/50 - ABC, LLC. We want to have produced and distribute a product - Lightning. We're waiting for ABC to get license… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I am the trustee and a participant in a self-directed 401k
I am the trustee and a participant in a self-directed 401k for my small business. Right now, all the deposits go to a Schwab account, I'd like to buy real estate. How do I do that without causing a wi… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I went to a financial meeting last night to listen to a
I went to a financial meeting last night to listen to a group called Cambell Financial Group! He says they t … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,377 satisfied customers
I also have another query. Do I have to declare tax after I
I also have another query. Do I have to declare tax after I make $400 or $600?Doing research I hear it's either one of those numbers. Which one is the definitive?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,377 satisfied customers
I purchased a concrete mixer that attaches to a skid loader
I purchased a concrete mixer that attaches to a skid loader for $6,900. Can i depreciate the entire balance in the first year? If not over what period of time can I depreciate this fixed asset?… read more
Carter McBride
Carter McBride
LLM
1,150 satisfied customers
I don't have a tax question I have a bookkeeping question
I don't have a tax question I have a bookkeeping question regarding intercompany receivables/reimbursements … read more
Carter McBride
Carter McBride
LLM
1,150 satisfied customers
I just went through a divorce and I want to give $10,000
I just went through a divorce and I want to give $10,000 dollars to a friend in need. I know I can't use it as a deduction but overall how will it affect my taxes next year? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Is margin interest expense an itemized deduction item
Is margin interest expense an itemized deduction item (Schedule A, form 1040)? If so, if I choose standard deduction instead of itemized deduction, do I lose my margin interest expense? If I can't ded… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,377 satisfied customers
First time pay my bill with charge card. Hp. Can you show me
good morning first time pay my bill with charge card … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,270 satisfied customers
I need to create a accounts receivables Roll Forward and
I need to create a accounts receivables Roll Forward and don't know where to start … read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
132 satisfied customers
I have a business and want to hire a person as an
I have a business and want to hire a person as an independent contractor. On a regular basis.They want to be paid bi-weekly by check. They are a single operator. Do they fill out a receipt for service… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,377 satisfied customers
One more question if you don't mind. Just out of curiosity
One more question if you don't mind. Just out of curiosity even though my non consumer debts are around 85% actually including my medical bills, my ministers allowance is broken up as salary and as a … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x