Owing Money to the IRS

PROTECT YOUR BUSINESS AND YOURSELF

Our Atlanta accounting firm provides tax relief services, including assistance with tax liens, tax levies, wage garnishments, back taxes, IRS payment plans, offers-in-compromise and penalty abatement.

Owing money to the IRS – it can happen by accident.

You may not have withheld enough from your paycheck in the past year and wind up with a huge tax bill in April. It could be you came into some money, spent it, and didn’t realize that a big chunk of it was owed to the IRS in taxes.

If your debt has been piling up for a while, it can be overwhelming and extremely stressful. You might feel stuck or frozen, not knowing what you should do or how you are going to get out of your situation. But the worst thing you can do is nothing. The penalties and interest just keep adding up, sinking you further and further into trouble.

The IRS takes their money seriously! They will seek every legal way to collect the money they are owed. The IRS can seize your assets, freeze your bank account, garnish your paycheck, and even restrict your passport. Additionally, they can file levies and liens on your property. We hope this hasn’t happened to you yet, but it will if you don’t act fast enough.

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HAVE ANY QUESTIONS?

    Failure to Pay Taxes

    If you owe money to the IRS but can’t pay, there are several tax relief options available. One of the most important things is to start paying your current taxes first. You must be caught up with filing your income tax returns and paying your current taxes before these remedies are available to you.

    Here are some of the tax relief options the IRS provides to taxpayers who owe money. Whether these are applicable to you depends on your circumstances.

    1. Installment Agreement

    This is where you work out a payment plan with the IRS. There are several forms of agreements, including regular, partial-pay, and streamlined. Which one you should use is highly dependent upon your current financial situation and the amount you owe.

    2. Offer-in-Compromise

    An offer-in-compromise is where the IRS agrees to accept less than the full amount of taxes owed. The IRS is not required to accept your offer. But if your offer is presented so that it meets all IRS guidelines, it significantly increases your chances of success.

    We know the ins and outs of preparing an offer that the government will accept.

    3. Currently Not Collectible Status

    This is where we ask the IRS to mark your account as not collectible. Your tax does not go away. But this will stop the process of bank account levies and wage garnishments. The IRS will usually agree to this status if we can prove that you don’t have enough income to cover your current living expenses, based on IRS standards.

    The IRS will re-evaluate your financial situation every year or two, until the tax expires.

    4. Bankruptcy

    Bankruptcy stops IRS collection efforts, if the tax meets the qualifications for discharge. Bankruptcy can also be used to force repayment plans on an otherwise unwilling IRS. Tax penalties may also be discharged through bankruptcy under certain circumstances.

    We work with your bankruptcy attorney to determine if you qualify.

    Getting Help with Your IRS Tax Debt

    Massey and Company, CPA in Atlanta, GA provides tax relief services. Here is a sample of what we do for our clients:
    • Respond professionally to any IRS correspondence you receive
    • Contact the IRS on your behalf so that you don’t have to face them directly
    • Represent your case before the IRS
    • Get caught up on filing back tax returns
    • Understand the IRS collections process and your rights
    • Negotiate penalties and taxes to lower your debt
    • Work out an IRS payment plan
    • Fight for issues that come up, such as innocent spouse situations or positions taken on tax returns
    • Remove liens on your assets and stop levies of bank accounts, wages and other assets

    Contact us so we can understand your specific tax situation and provide advice on the options available to you. Your tax issue is handled with the utmost confidentiality and privacy.

    We are a local Atlanta accounting firm. So we can meet with you face to face to discuss your taxes and IRS matters.

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