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I was unemployed all last year. I have three children and

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i was unemployed all last...
i was unemployed all last year. I have three children and i have been paying my mortgage and bill from savings. I was no planning on filing a tax return since i didnt have any income last year. I was informed from the irs that i now owe $6000 from a previous years audit. What should i do?
Submitted: 1 year ago.Category: Finance
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Answered in 13 minutes by:
4/20/2016
Financial Professional: Lev, Tax Preparer replied 1 year ago
Lev
Lev, Tax Preparer
Category: Finance
Satisfied Customers: 30,663
Experience: Personal Investment, Tax Preparation
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If you agree with that assessment - you might better to request an installment payment plan.Considering your situation - the IRS might agree with very low monthly payments.Another option - considering your financial situation - to request a temporarily delay collection until your financial condition improves.If the IRS determines that you cannot pay any of your tax debt, they may report your account currently not collectible. Being currently not collectible does not mean the debt goes away, it means the IRS has determined you cannot afford to pay the debt at this time.Prior to approving your request to delay collection, the IRS may ask you to complete a Collection Information Statement (Form 433-F, Form 433-A or Form 433-B) and provide proof of your financial status (this may include information about your assets and your monthly income and expenses). You should know that if we do delay collecting from you, your debt will increase because penalties and interest are charged until you pay the full amount.To request a temporary delay of the collection process or to discuss your other payment options, contact the IRS at _1_800_829_1040_ or call the phone number on your bill or notice.If you do nothing - the IRS will start collection procedure - and may garnish your saving.
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Financial Professional: Lev, Tax Preparer replied 1 year ago
To request a temporary delay of the collection process or to discuss your other payment options, contact the IRS at _1_800_829_1040_ or call the phone number on your bill or notice.If you do nothing - the IRS will start collection procedure - and may garnish your saving..I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.
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Lev
Lev
Lev, Tax Preparer
Category: Finance
Satisfied Customers: 30,663
30,663 Satisfied Customers
Experience: Personal Investment, Tax Preparation

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