www.howtosettledebt.org Debt settlement versus debt consolidation for credit card debt relief. Debt consolid
I just found out I owe $7000 in taxes for last year, due to my income from my [now defunct] partnership being listed as a “Guaranteed Payment” instead of a passive, capital draw (loan from the company). I disagree, but getting the investor/partner to amend the K1 in my favor is unlikely, as poor records were kept and this K1 favors him as far as tax deductions go. And I’m probably not going to be able to fight him.
I’ve heard the IRS works with people in these cases
I owe the IRS about $5000 from when I got audited one year. I have $3000 in savings and $1000 in checking and I’m in fear that they will take it one day. I’ve called the IRS and put a hold on my debt because I’m not working right now. I’m currently collecting unemployment and that money in the bank is all I have.
If you call IRS, they will nicely ask you for you phone number. As for payment, IRS will demand payment of what is collectible. They will bug you for what you can afford based on IRS national and local expense standards.
If you are trying to settle your tax debt for less than full payment, you have to, in IRS jargon, offer “an amount that represents the reasonable collection potential of the account.” This is a lump sum equal to what you could get from the equity in all your a
I owe $5500 to the IRS from a 2005 return. I did an Offer in Compromise for this debt to find out that they will take my tax return for the next 5 years until it is paid in full. What is the point in settling a debt if they are going to take the money anyway? I need my return to keep afloat. So if I file Chapter 7 now and include this debt which many lawyers told me that I can – then after the Chapter 7 is discharged I can file my return and get my refund right? If I am going to file
You can request an Offer in Compromise(OIC). When you file an offer in compromise, you are asking the IRS to accept a fraction of what you owe on your taxes and to write off the rest of your debt. IRS offer a do-it-self kit free. Here is the link:http://www.irs.gov/pub/irs-pdf/f656.pdf.…
Zhicheng Lai
Enrolled Agent in MD
You can do this yourself without paying someone else. You can put in what’s called an “offer in compromise” to the IRS. They’ll ask for a lot of information but it does work. I had to do this to settle my husband’s debt when we got married cause I wasn’t about to mess with the IRS
Good Luck
