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I owe the IRS alot of money 25k. I am on a payment plan but

Customer Question
with intrest and penalities I...
I owe the IRS alot of money 25k. I am on a payment plan but with intrest and penalities I am getting nowhere. What can I do?
Submitted: 9 years ago.Category: Tax
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Answered in 26 minutes by:
11/3/2008
Tax Professional: MequonCPA, Certified Public Accountant (CPA) replied 9 years ago
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
Verified

DearCustomer-

 

There are services that can assist you. However I do not have any first hand knowledge of which services are better than others.

 

One option for you is to submit an Offer in Compromise. This is a proposal to the IRS to settle the amounts owing for some amount less.

 

I am providing a link to IRS Publication 656 that explains the process. There is no requirement that you use a professional to assist in the preparation, but it may help. An enrolled agent or CPA in your area may be able to assist.

 

http://www.irs.gov/pub/irs-pdf/f656.pdf

 

MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
2,342 Satisfied Customers
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.

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