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I owe taxes from 2005,06,07. all total about 73k. our income

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I owe taxes from 2005,06,07...
I owe taxes from 2005,06,07. all total about 73k. our income has gone down drastically over the last 3 years. Initially i set a payment plan for 2005 in which i paid every month. however the next year we owed again, and the irs slapped a lien against us becaquse they said we were in default of the first agreement. i'm negative 3k per month for the last 3 years. in laws have lent us money to help with our bills. over the last 3 years, the irs has taken approx $40k from returns and bank levies. i just received 3 letters of intent to levy again. All total of $85k on top of the $40k they've already taken. i've been trying for an offer in comprimise for the last 2 years, to no avail. My mom recently passed away and left us some money. Its about 150k plus a co op worth about another $150k. We owe $110k in credit cards. My credit cards are in default and my wifes are up to the hilt. My house is worth $500k and we have $460k in mortgages. We have no life ins, no 401k, and no retirement. All we have in the whole world is this 150k co op and about $25k after i pay all of our credit cards. is there anything i can do to not lose everything?
Submitted: 7 years ago.Category: Tax
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Answered in 13 hours by:
11/3/2010
Tax Professional: William Ellis, CPA, CPA replied 7 years ago
William Ellis, CPA
Category: Tax
Satisfied Customers: 296
Experience: Over 15 years of experience in public accounting
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Good afternoon,

I'd take it a year at a time. I would make sure you are paid in for 2010. Then, I'd take some of the cash and pay off the earliest year. After this, I would contact the taxpayer advocate's office to see if they can help get installment agreements reset for the remaining years. If nothing else, this will buy you time to deal with the remaining years.

Hope this helps,

Bill Ellis
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Customer reply replied 7 years ago
i am all filed up to date. They keep taking our refunds. i went from making 300k per year to being pretty much unemployed for the last 2 out of three years. Last year i made 40k and my wife made $60k. Net take home was about 6000 per month. my bills are 10k per month. I'm currently unemployed still and setting up a payment plan for $75k would probably run about $1000 per month on top of the other bills i have now. is it feasable to try to do an offer in compromise? If i can't swing 10k per month much longer, i really don't expect to be able to handle 11k per month. i'm sure if i entered a pay plan and then defaulted, that wouldn't be too good!
Tax Professional: William Ellis, CPA, CPA replied 7 years ago
You can try the offer in compromise, but you are required to disclose all of your accounts on the form. I think you'd be better off paying off the earliest tax balance then offering another payment with the installment request. I'd handle the IRS before the credit cards since those companies don't place liens on your earnings and funds.

Thanks,

Bill
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William Ellis, CPA
William Ellis, CPA
William Ellis, CPA, CPA
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Satisfied Customers: 296
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