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I HAVE A PROBLEM WITH THE IRS AND NYS TAX I owe the IRS

I HAVE A PROBLEM WITH...
I HAVE A PROBLEM WITH THE IRS AND NYS TAX
I owe the IRS close to 300,000 and NYS 26000

I am currently uncollectable with the IRS through 2009. I paid 2010
I am on a payment plan with NYS

i underwithhold payroll taxes do to Child Support and other divorce arrears.
i have to live as well

i am on extension until 10/15. i owe 28,000 to the IRS and 11000 to NYS
I DONT HAVE THIS MONEY

WHAT SHOULD I DO?
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Answered in 1 hour by:
9/4/2012
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

If your tax debt is over 3 years old, the tax return filed over 2 years ago, and the tax assessed is over 240 days old you can get the tax debt discharged during bankruptcy. Work with a qualified attorney in your area to get some of this debt wiped away. This would only work with your older income. Contact a bankruptcy attorney to evaluate your particular situation.

Another thing you can do is to file an offer in compromise, particularly if you do not have any significant assets. Keep in mind that your retirement account would be considered an asset, as would your home. Work with a qualified tax professional and see if you can get a lump sum amount approved by the IRS and state of New York for less than what you owe. Definitely work with a tax professional on this, but not one of those "we settle IRS debt for pennies on the dollar" infomercial places. Use a reputable Tax attorney, CPA, or EA in your area.

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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified
Megan C and 87 other Tax Specialists are ready to help you
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Customer reply replied 5 years ago


i filed a bankruptsy in 2004


 


how much would i have to come up with in an offer and compromise?


 


do you think i would be approved in an offer?

The offer in compromise would be something that your tax attorney or CPA would negotiate with the IRS and NYS. There's no set amount that you would have to come up with. If you are not collectible, I wouldn't be shocked if you were approved. There's no way I can tell if you would be approved or not because those things are handled on a case by case basis. Your personal tax advisor would be able to answer that question better after looking over all of your financial documents

You filed 8 years ago, you may be able to file again - you'd have to speak with your bankruptcy attorney.

** Please take a moment to rate my response as "Excellent" so that I may be compensated for assisting you today. Please let me know if my assistance was anything less than "OK Service", as I am compensated based on whether or not I have assisted you with your issue. If you need further clarifications, PLEASE WAIT TO RATE MY ANSWER UNTIL AFTER RECEIVING FOLLOW UP FROM ME. If I receive anything less than OK Service, I do not get paid, but the Web site will still collect your payment. Thank you for your kind understanding in this matter. If you have difficulties rating, then simply respond stating that you are having difficulties rating and thank me for my excellent, good, or ok service and we can get the rating applied by the site**
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Megan C
Megan C
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Category: Tax
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