Do not file an Offer in Compromise. First Bostonian is right you have to put up 20% and if the IRS reject it you dont get that back it just goes toward your payment. And there have only been a handful even filed since this rule its just not worth it.
You owe the bank and the IRS and you want to know if you can turn that into cash?
Please, please immediately cancel any credit cards you own and close any checking account you have. Have the court appoint a financial conservator for you. You have no business having any access to money…
They spend all their cash, so when an assessment comes from the IRS they have no reserve for it.
I was unemployed during the 2006 tax year. I did not file a tax return for that year. I just recieved a bill owing the IRS taxes with penalty charges. How is it even possible I would owe the IRS money if I did not even work that year to have a W-2. I was not self-employed either.
2001 taxes not paid. X wife did not file. H&R Block processed taxes. X wife did not send them in. During this time was having bladder and prostate removed due to cancer. Taxes were the last thing on my mind. Have in the mean time, divorced, the then wife and am strapped with $40K worth of IRS debt. Interest is compounding. How in a lifetime could anyone ever pay this debt off? Do I have to refinance my house to eliminate this debt? Can I fight this on my own without the help of any firm th
