One thing to understand is that while you might want to avoid the situation entirely, this is precisely the wrong thing to do! The last thing anyone wants is to have their property or money garnished because they didn't know how to handle things. The best thing to do in a case like this is to get an expert in who can make sense of your situation and calmly create a plan that gets the IRS off your back and that you can live with while not decreasing your quality of life. The thing to realize is that so long as you make an effort to fix the problem, and keep your obligations up, you won't have issues with loss of property or other consequences. Options that you can use are installment plans, paying the balance in full, as well as making an offer to try and reduce your total amount owing.
Just what is the statute of limitations on back taxes? The IRS has ten years to collect from you. After ten years, the debt is wiped out. That's not to say it's wise to try to ride out back taxes. IRS collection efforts begin at the site where you filed your tax return and continue to their Automated Collection System. If the ACS doesn't get anywhere and you owe more than $25,000, that's when your case ends up with a revenue officer- who may make a surprise visit to your home or office. The IRS may send one or more levy notices to your financial institution(s) or any employer or contractor known to have paid you. Getting help with your back taxes and trying to resolve them is a much better option!
A tax attorney or professional will help determine if you really owe all the back taxes the IRS says you owe. The IRS commonly makes mistakes- don't pay them more than you need to. You are entitled to a full explanation of how they arrived at the number they did. A tax professional can uncover missed deductions and ensure that you've been credited for all payments, including wage or bank levies and any refunds taken. These oversights can amend your back taxes and reduce your bill.
Offers in Compromise- Negotiating Tax Bills for Much Less Than The Original Amount
It is possible- and offers tremendous peace of mind- to wipe your back taxes slate clean for a fraction of what you owe. This is where a tax attorney or professional comes into play. They will advise you on exactly how to initiate this process, as well as improving your chances of qualifying. It is entirely up to the IRS's discretion to accept an Offer in Compromise (OIC) from you. Once you have submitted an OIC, the IRS must give it fair consideration. Statistics show that the IRS is more willing than ever to make deals with taxpayers. One in two Offers in Compromise are accepted by the IRS.
Help with back taxes is only a mouse click or phone call away. It's commonplace for people to owe more than they can reasonably afford, so don't sweat it. Viable options include extensions, payment installments, tax reductions or suspension of collection due to financial hardship. A professional will guide you in the right direction with any back tax situation you may have. Contact a tax attorney for assistance and advice.
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