The IRS Collections Division has your assets and money forever in their cross-hairs when you owe them back taxes, so don't give them a reason to pull the trigger!
Make the Choice:
Protect your assets by paying the IRS voluntarily. Really, your first step is to get proactive and face your debt before the IRS forces
Pay the IRS Monthly
: If you can't pay in full but can pay the IRS monthly, an Installment Agreement
is the best plan for you. There are several types that vary according to your debt level and situation.
You Can't Pay the IRS
: Those in serious financial trouble might be able to settle their tax debt with an Offer in Compromise
. It's incredibly difficult to settle tax debt, so check with an expert before you attempt it.
Don't Slip Up
: Once you're making monthly payments you cannot miss a single payment
if you want to protect the funds in your bank and your assets!
The IRS Loophole
: The IRS will try to set the monthly payments as high as possible, if you can't work it down to an affordable amount you should consider hiring a professional to represent your case before the IRS.
What about my Refunds?
: If you are still paying down a debt from back taxes, any money coming to you via refund will be applied as payment on the debt. You won't see returns until your debt is repaid in full.
Depending on how serious your financial hardship may be, you may qualify for Currently Not Collectible
status with the IRS. This will temporarily stop IRS collections while you get your finances back in order. It's not a permanent solution, but it will buy you time to find a professional that will help you remove your tax debt for good.