Owe The Irs But Can T Pay – What to do if you owe money to the Internal Revenue Service (IRS) but can’t pay a large amount to the IRS, especially if you owe more than you can afford, can be daunting.
If you find yourself in this situation, be sure to consult a qualified tax professional before making any payments. You may have more options than you realize. Apply for an Installment Agreement The most common way to deal with an unpaid balance with the IRS is to enter into an installment agreement in which you agree to pay the amount in advance.
Owe The Irs But Can T Pay
The IRS offers short-term installment agreement options to anyone who owes less than $100,000. These contracts typically take 120-180 days to repay the debt in full.
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Anyone with debt below $50,000 is eligible for a long-term installment agreement, which allows you to make monthly payments over 120 days. These long-term contracts also have lower set-up fees if you let the IRS automatically deduct your monthly payments from your bank account. Qualify for a Matching Offer Another option is called a “calculated offer.” In these cases, the taxpayer offers less than the total balance, and if accepted, the remaining balance will be forgiven by the IRS.
Unfortunately, there are some rules and regulations that can qualify a settlement offer. The IRS will examine everything from your income and expenses to your liquid assets and allow you to pay them some of the money you owe.
Having an experienced tax professional on your side who understands the ins and outs of the process can be a great way to resolve your debt to the IRS. Other options to consider are a first-time penalty reduction program or requesting a good cause penalty reduction, both of which will reduce the amount owed.
Contact a qualified tax professional to review your specific case, and you may be surprised to find that there is more help than you think.
Letter From The Irs
John Bocelli joined Advanced Tax Solutions in 2009. She serves as an Assistant CPA providing tax preparation and resolution services to the IRS. John earned a Bachelor of Arts degree from Bucknell University and a Master of Business degree from Syracuse University. John is an avid fisherman, so you’ll find him fishing on numerous rivers in Colorado, Yellowstone, Montana, and Idaho.
Glenn graduated from Regis University in 2005 with a degree in accounting. He is a CPA who has specialized in IRS litigation at Advanced Tax Solutions since 2005. He is a member of the American Society of Tax Problem Solvers (ASTPS) and holds its highest professional designation (Certified Tax Problem Solver). This certification is awarded only to those who meet the experience, education requirements, and the ability to negotiate with the IRS.
Did you know there is a test that if you pass, you can sue the IRS? You have to fly to Washington, D.C., to take the test, but if you pass, you can sue the IRS for abuse of power in collection cases. But before you run out and buy a ticket, consider that this test has been around since 1942, and only about 300 people have passed it since its introduction. On May 8, 2011, Todd became the 298th person to take part in the test.
Todd is the founder of Advanced Tax Solutions. He is a CPA, which enables him to represent Colorado clients before the Internal Revenue Service. He is also an Enrolled Agent, licensed to practice for the Internal Revenue Service anywhere in the country. Additionally, Todd holds the highest designations from the National Association of Enrolled Agents (Fellow of NAEA) and the National Association of Tax Solvers (Certified Tax Resolution Professional). He is a graduate of the international accounting firm KPMG Pete Marwick. Todd holds a Master’s Degree in Taxation from the University of Denver. His personal hobbies include backpacking, fly fishing, and hunting. In 1998, Todd took a sabbatical and hiked the 2,000-mile Appalachian Trail. Few people know that Todd was a ranger at Yellowstone National Park who later became a fishing guide. He ended his career as a captain in Yellowstone National Park and a tour guide on Yellowstone Lake in the park.
Irs Letter 1153
Alex graduated from Colorado Tech University with a Bachelor of Science in Accounting. He is a member of the American Society of Tax Problem Solvers (ASTPS) and holds its highest professional designation (Certified Tax Problem Solver). He also received the National Association of Enrolled Agents’ highest recognition (NAEA Fellow) for his work on IRS case resolutions. These certifications are awarded only to those who meet the experience and education requirements and have the ability to negotiate with the IRS.
Mike Westerberg has degrees in sociology and criminal justice. He received his law degree from Phoenix College of Law. After law school, Mike earned a master’s degree in tax law from the University of Denver. Working on tax solutions since 2014. Mike holds the American Tax Resolution Association’s highest designation (Certified Tax Resolution Specialist-CTRS).
Charles graduated from Colorado State University with a major in accounting. He is pursuing a master’s degree from the University of Denver Sturm School of Law. Charles holds the highest certification (Certified Tax Resolution Professional) from the American Tax Resolution Association. He also received the National Association of Enrolled Agents’ highest recognition (NAEA Fellow) for his work on IRS case resolutions. These certifications are awarded only to those who meet the experience and education requirements and have the ability to negotiate with the IRS.
Susan has over 15 years of accounting, tax and administrative support experience with various Denver businesses. Susan holds a BA in Finance, Magna Cum Laude.
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Outside of work, Susan enjoys spending time with her husband, Rick, and her two dogs, Maggie and Rocky. He is a professional photographer who enjoys photographing high school students, professional headshots, families, and groups in Denver.
Jenna joined the Advanced Tax Solutions team in July 2018 as an expert administrative assistant. He currently serves as executive assistant to CEO Todd Valente. She handles marketing, IT, etc. in the office. Outside of the office, Jenna enjoys playing pool, spending time with her niece and family, and enjoying Denver’s natural beauty.
Tabatha joined the Advanced Tax Solutions team in May 2017 after over 15 years of experience in retail management. He enjoys working with people and brings that experience to the office environment. In his free time, he plays sports, especially softball. He also loved cheering on our home teams in Denver. He’s always busy hiking, traveling to Las Vegas, and spending time with his family. Most of all, he loved spending time with his grandchildren.
Barbara brings 35 years of experience as an administrative assistant in the financial industry to Advanced Tax Solutions. Barbara is confident, well organized and has extensive experience in arranging meetings, providing excellent customer service and consistent clerical support. He is a very approachable person with a cheerful attitude and is willing to point out the positives. Barbara, 30, and her husband are from Colorado. He enjoyed camping, fishing and horseback riding with his twin grandchildren.
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Vanessa has over five years of experience in finance. He worked as a bank teller and later as a financial wellness counselor. Her management skills keep the office running smoothly, allowing professionals to handle cases efficiently and with less worry. Vanessa is a true Coloradan and loves the beautiful Colorado landscape. She is an avid cook and her story even includes cooking school. She challenges herself to cook a variety of dishes with tantalizing flavours.
Neil joins Advanced Tax Solutions after working as a high school math teacher. After working in a high school setting for 6 years and honing her interpersonal skills, she decided to apply her math skills to the accounting field. After dealing with high school students every day, dealing with IRS agents is a piece of cake. At Advanced Tax Solutions, she helps with tax issues that are more complex than preparing tax returns and completing the financial information required by the IRS. Neal is currently seeking Enrolled Agent certification so that he can take the lead in challenging IRS situations. He holds a bachelor’s degree in economics from Loyola University Maryland. Neil recently moved from Maryland to enjoy all the beautiful scenery Colorado has to offer. Special offer is for snowboarding and hiking. She is also a Lindy Hop dancer.
The highest designation is Certified Tax Solutions Specialist CTRS
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