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i owe the irs 148,000.00 in payroll taxes. how can i get them

Customer Question
to not seize my property...
i owe the irs 148,000.00 in payroll taxes. how can i get them to not seize my property that makes my money
Submitted: 4 years ago.Category: Tax
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2/2/2013
Tax Professional: Richard, Tax Attorney replied 4 years ago
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,790
Experience: 29 years of experience as a tax, real estate, and business attorney.
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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. A taxpayer in your position 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 . You can take these steps on your own...in fact, engaging an attorney or an accountant to do this on your behalf actually sends the wrong message to the IRS...i.e., that you have money to pay them, but not your taxes.



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Customer reply replied 4 years ago


do you think the irs would stop seizure and levies against my company

Tax Professional: Richard, Tax Attorney replied 4 years ago
Thanks for your reply. Yes, filing for your offer in compromise stops all collection efforts while you are going through that process and the offer in compromise will either result in an installment agreement or a one-time payment, both of which will stop any collection efforts as long as you comply.
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