05/23/2014
5 WAYS TO DEAL WITH THE IRS WHEN YOU CAN'T PAY
No one likes to owe the IRS. It can lien and levy on your assets without even getting a judgment or court order! You have options:
Installment agreement: This is a monthly payment plan for paying off the IRS based on your ability to pay. Interest and penalties will still accrue.
Partial payment installment agreement: This is a a fairly new debt management program where you have a long term payment plan to pay off the IRS at a reduced dollar amount.
Offer in Compromise: This is a program where you can settle your tax debts for less than what you owe. It usually requires making a lump sum or short term payment plan to pay off the IRS at a reduced dollar amount. The new rules have been greatly relaxed under the Fresh Start program and it's much easier to get an offer accepted than in the past.
Not Currently Collectible Status: This is a program where the IRS voluntarily agrees not to collect on the tax debt for a specific time period when it determines that the tax payer cannot pay anything. Interest and penalties will still accrue.
Filing Bankruptcy: This option can discharge your tax debts under the rules of a Chapter 7 or Chapter 13 bankruptcy petitions. The taxes must be due more than 3 years ago, the returns must be filed for at least two years and the taxes must be assessed for at least 240 days. Even if taxes are not dischargeable, Chapter 13 allows one to pay them off over 5 years without additional penalties or interest. Sometimes we will put people in an installment agreement until the taxes are old enough to discharge.
I have been helping people with debt, tax or foreclosure problems for 30 years. I am a licensed attorney in all Colorado State and Federal courts (including US Tax Court).
I always give a FREE consultation so you know your options.
Got questions? Get answers! Locations in Lakewood and Conifer/Evergreen or I will meet you somewhere convenient.
Timothy Canty, Esq.
(303) 670-2185
Email:
[email protected]
Websites:
www.timcantylaw.com
www.bulbapp.com/TimCantyLaw (Click on "Finding Freedom From Debt")
