Back Taxes Owed
Every year as April 15th comes around, millions of Americans struggle with getting their tax returns completed and turned in, and many of those who get them turned in, aren’t able to pay the taxes due. If you’ve filed your returns, but haven’t paid what you owe, then you are accumulating penalties and interest on the amount you owe. And to add to the stress of just having that debt to the IRS, you are probably causing yourself more stress by not doing anything, and not knowing what actions the IRS might take against you.
The IRS has three years from the date you filed your income tax or other return
To assess additional taxes, they have six years if they can prove you committed fraud.
The IRS has ten years from the date you signed your return or were assessed additional taxes to collect those taxes from you. And although they hope that you will pay voluntarily, if you don’t they can look for other ways to get the past due amount. Depending on the amount you owe, and how long you’ve owed it, they can impose liens on your property, garnish your wages, put a hold on your bank account, and take any tax refunds you may be owed. The good news is that they understand that people have circumstances that prevent them from paying in a timely manner, and so they provide several options to help you become compliant. Depending on your particular situation, you might qualify for a reduction of the amount owed, or you may be able to set up a payment plan. By exploring different options you can find a solution that will get you back on track for paying those past due taxes.
And we can help you find that solution. John can assess your particular situation and determine which IRS programs you may be able to take advantage of. Our professionals are experts with past due tax issues. They can work with you to get straight with the IRS, and in some cases actually reduce what you owe.
Stop worrying and wondering if the IRS is going to be knocking at your door.
Contact us for a consultation. Let’s see how we can help you.