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I have an installment agreement with the IRS ( My CPA lied

to me about the agreement...
I have an installment agreement with the IRS ( My CPA lied to me about the agreement, then IRS placed lien on my home) I am behind in mortgage payments , dont have money to pay THIS Years taxes- can I declare bankruptsy OR can I file next year for two years together?
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: Not really sure
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Answered in 46 minutes by:
3/22/2017
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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Hi

I'm Anne & I've been preparing taxes for 28 years. I'm reviewing your question now, and will post back with your reply momentarily.

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Hi

I am truly sorry that you are in this position, regardless of what caused it. You are, unfortunately, not alone.

You MAY be able to have your tax debt discharged via bankruptcy, but it's not easy, and there are some specific rules regarding the timing of the returns that must be followed. Please see below:

http://www.nolo.com/legal-encyclopedia/bankruptcy-tax-debts-eliminating-29550.html

You may find that an "Offer in Compromise" may be a better avenue for you. Please see below:

https://www.irs.gov/taxtopics/tc204.html

It's never a good idea to not file your taxes timely, as IRS CAN assess a "failure to file" penalty. Your best bet is to open communication up between you and the IRS, and ask them to waive the penalties and interest, and allow you to pay just the tax, something you can ask for (and should) as part of any Offer in Compromise should you choose to choose that avenue.

Regardless of the avenue you decide to take re: past due balances, it is always better to contact the IRS yourself, and show them that you are willing and want to work with them, as opposed to them having to contact you, and go to the expense of having to start debt collection process

If you have found my answer helpful, please take the moment to rate positive by clicking on the stars.

It is ONLY through positive ratings that I am credited with helping you.

Thank you for choosing justanswer.

Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
Verified
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Anne
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
2,439 Satisfied Customers
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses

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