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What Options Do I Have If I Owe the IRS and Can’t Pay?

If you owe the IRS for taxes and are unable to pay you might have options.  If this is a relatively small matter, the IRS provides the opportunity for you to propose a repayment plan.  The repayment must be substantial enough to retire the debt fairly quickly.  For example, if you owe the IRS $600 you can make an offer to pay $100 for six months and include the first payment with your offer.

What happens if you owe $10,000 or more?  If you fail to pay your tax debt, you will receive a notice from the IRS, usually of an “Intent to Levy.”  At this point you have 30 days to contact the IRS, or they have several options including freezing your bank account(s) (a levy) and taking all of your money, as well as garnishing your wages.  There is a formula the IRS will follow and you have very little control at this point.  The forumula is not kind to those of us who live in California, as it provides much less for living expenses compared to other states with a lower cost of living.

There are other programs that the IRS will not tell you about.  The goal of the IRS is simple: What is best for the government?  If you owe the IRS back taxes of a substantial amount we invite you to contact us for a free consultation at 866-631-3470.  We will handle all of the communications with the IRS on your behalf and help to negotiate the best possible solution based upon your unique circumstances.  IRS collections tactics are aggressive and quite severe.  Protect yourself, and call today to learn what Allen Barron can do to help.