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I owe the IRS over $30K and do not have the money to pay…

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I owe the IRS over...
I owe the IRS over $30K and do not have the money to pay them all at once. I'm on SSD and my husband is retired. Do I need to pull the money out of the bank so they can't take my money? I need to hire a tax attorney and can a tax attorney get my tax owed reduced?
Submitted: 2 years ago.Category: Tax
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2/27/2016
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,894
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

I hold a JD (Juris Doctorate, a doctoral degree in the law), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security & Medicare, estate, corporate & tax advice since 1986.

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Hi, I can help here. Yes, if you're worried about a levy (especially if you've received the required notice for a bank levy) it's certainly something to consider.

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A good attorney may be able to file something called an offer in compromise (OIC) and get some relief (there are also installment agreements ... You can do that for yourself here https://www.irs.gov/Individuals/Online-Payment-Agreement-Application if the amount you owe is less that 50,000)

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Be careful ... there are many out there that will make the claim they can get this done, (and then bill you for their time without getting much results).

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here's what IRS says about OIC:

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

Offer in Compromise

An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can't pay your full tax liability, or doing so creates a financial hardship. We consider your unique set of facts and circumstances:

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

THe offer in compromise is a fairly mechanical calculation that takes your income, expenses, and assets and liabilities (along with some discounts) to come to what's called RCP (Reasonable Collection Potential)

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You might want to go here... to IRS' OIC pre-qualifier, before paying someone to help you with this.

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Offer in Compromise Pre-Qualifier

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

I hope this has helped.

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Please let me know if you have any questions at all.

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If this HAS helped, I'd really appreciate a positive rating (using the rating request, faces, or stars on your screen)

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That's the only way I'll be credited for the work here.

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Thank you!

Lane

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Customer reply replied 2 years ago
I already have an installment agreement and pay each month. I've never missed a payment. I didn't know you could do an installment agreement if you owe less than $50K. I thought it was $10K. I also didn't know your amount you pay each month is based on your income, etc. I feel a little better. I'm 57 and my husband is 62. He just bought a painting company and we have our house paid down quite a bit. We built a home to retire in and didn't want to lose it. We had our money at Merrill Lynch and when we took some money out, we always took 15% out. They never told us to take more taxes out, which is where we ended up paying the IRS money - plus I didn't have taxes taken out of my SSD check. Do I go to SS.org to change this to have them take money out of my monthy check. We have filed our taxes every year and this is the first time we've owed over $4K so we are a little freaked out to say the least.
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

You can download the form, or call the IRS toll-free number1-***-***-**** and ask for Form W-4V, Voluntary Withholding Request. (If you are deaf or hard of hearing, call the IRS TTY number, 1-***-***-****.)

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Here's the form: http://www.irs.gov/pub/irs-pdf/fw4v.pdf

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When you complete the form, you will need to select the percentage of your monthly benefit amount you want withheld. You can have 7%, 10%, 15% or 25% of your monthly benefit withheld for taxes.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

I think you're fine here ... be sure to stay current with the plan - then you can call to have the installment agreement.

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You can call and ask to have it adjusted

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See this:

https://www.irs.gov/uac/What-if-I-can't-pay-my-installment-agreement%3F

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

If this HAS helped, I'd really appreciate a positive rating (using the rating request, faces, or stars on your screen)

...

That's the only way I'll be credited for the work here.

...

Thank you!

Lane

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

Hi,

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I’m just checking back in to see how things are going.

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Did my answer help?

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Let me know…

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Thanks

Lane

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