Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

I owe over 350k in back taxes for years 2009 2010 and 2011

Customer Question
-while my house has...
I owe over 350k in back taxes for years 2009 2010 and 2011 -while my house has no equity I have a buisness can they take that -also will they let me pay that amount over 5 years?
Submitted: 5 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 minutes by:
12/3/2012
Tax Professional: Richard, Tax Attorney replied 5 years ago
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 56,009
Experience: 29 years of experience as a tax, real estate, and business attorney.
Verified

Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. Your ownership interest in the business would be at risk, but it's not likely the IRS would deprive you of the ability to run a business which would be the means by which you would be able to re-pay them. The IRS will work with you on this. A taxpayer unable to pay the full amount of taxes due can deal
with the IRS in one of two ways: i) if the taxpayer can pay it within 60
months, the IRS will work out an installment payment arrangement with the
taxpayer; if the amount due is under $50,000, the taxpayer can do this on-line;
or ii) if not, the taxpayer would want to file an application for an Offer in
Compromise where the IRS will agree to forgive all or a portion of it that
can't reasonably be paid within the 60 month period. There is a step by step process for filing
the Offer in Compromise application, as well as the full details of the
program, in the IRS Offer in Compromise booklet which you can find at the
following website: www.irs.gov/pub/irs-pdf/f656b.pdf

 

Thank you so
much for allowing me to help you with your questions. I've done my best to provide information which
will be helpful to you.
If I have not
fully addressed your questions or if you have any follow up questions, or if I
have misinterpreted your questions in any way,
please do not rate me yet, but simply ask a follow up question without rating so
I can provide you with a fully satisfactory answer
. If I have fully answered your
question(s) to your satisfaction, I would appreciate you rating my service
with 3, 4, or 5
faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to
provide me a positive rating!

Ask Your Own Tax Question
Ask Richard Your Own Question
Richard
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 56,009
56,009 Satisfied Customers
Experience: 29 years of experience as a tax, real estate, and business attorney.

Richard 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:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

56,009 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

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

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I paid the irs about 99,000 in back taxes and interest in
I paid the irs about 99,000 in back taxes and interest in May,2017, can I apply to get the interest back since I refinanced my home and have no savings,im 74 years old and work . … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
496 satisfied customers
My question is how to change the tax rate on the Panasonic
My name is ***** ***** My question is how to change the tax rate on the Panasonic 7500? thank you … read more
taxmanrog
taxmanrog
Master\u0027s Degree
767 satisfied customers
WHAT IS 73-10? California. IRS in my credit report
WHAT IS 73-10? JA: What state are you in? It matters because laws vary by location. Customer: california JA: Has anything been filed or reported? Customer: IRS in my credit report JA: Anything else yo… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,777 satisfied customers
Interested in information about new tax laws and their
Interested in information about new tax laws and their effect on S Corporations … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If I owe taxes and i have an installment agreement and I get
if I owe taxes and i have an installment agreement and I get married can that affect my new husband … read more
Richard
Richard
Tax Attorney
56,009 satisfied customers
Is there a form to file with the IRS for tax periods that
Is there a form to file with the IRS for tax periods that have ran past the statute of limitations from the date of assessment … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
2 financial questions: 1. Interest Rate on HH Bonds? 2.
2 financial questions : JA: What state are you in? It matters because laws vary by location. Customer: 1. Interest Rate on HH Bonds ? JA: What steps have been taken so far? Customer: 2. Opinion on the… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Will the new tax rates for businesses apply to sole
Will the new tax rates for businesses apply to sole proprietor medical practices? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Need a statement from IRS that I was not required to file
Need a statement from IRS that I was not required to file taxes For a scholarship My fiancé has been in medical school for the past 3 years and has not filed taxes. How would I do this?… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I have an installment agreement with IRS for monthly
I have an installment agreement with IRS for monthly payments. I paid 8 days late on this months payment. Can they cansel the agreement??… read more
Richard
Richard
Tax Attorney
56,009 satisfied customers
Assuming a Medicare tax rate of 1.45% and monthly gross
Assuming a Medicare tax rate of 1.45% and monthly gross wages of $2,500, the amount recorded in Medicare Tax Payable for one quarter for the employee's payroll deduction is… read more
taxmanrog
taxmanrog
Master\u0027s Degree
767 satisfied customers
I have a 12 year partial pay installment plan with the IRS
I have a 12 year partial pay installment plan with the IRS for pyaroll taxes. I have made the partial pay payments but NOT the current payroll taxes this year Now the IRS says they will cancel my part… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I got a faiñure to file tax bill Irs claims i didnt file
I got a faiñure to file tax bill Irs claims i didnt file extension In past my accountant file for them Does he require my signature to file extension? I cant reach him and i am panicking as i just got… read more
abci168
abci168
Principal
27 satisfied customers
I know and understand that I will pay tax on the interest
I know and understand that I will pay tax on the interest income. Do I have report when I give a loan in taxes? As far as I know : ''Loan are not reportable transactions. You do not deduct it when you… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
RE: FOREIGN TAX CREDIT We're filing a married joint filing
RE: FOREIGN TAX CREDIT We're filing a married joint filing tax return and have come up against some problems on form 1116. 1) Do we add both our names on the form? 2) On line 3a, it asks for certain i… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,777 satisfied customers
I have an IRS tax lien and making installment payments. I am
I have an IRS tax lien and making installment payments. I am likely to win a lawsuit within the next year. Can IRS attach my settlement? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
IRS revenue officer contacted me and told me my installment
IRS revenue officer contacted me and told me my installment agreement terminated in 2015, although I have faithfully been making payments since 2012. Originally, I was paying one amount, until irs sen… read more
abci168
abci168
Principal
27 satisfied customers
Tax question: I have an installment agreement with the IRS
Tax question: I have an installment agreement with the IRS for past tax years (2014-15) and have been paying $500 a month on about $27,000, For this past tax year (2016) I paid my tax bill in full wit… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 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