Owing Taxes for Tax year 2012 Will Default Your Payment Plan , But...
by
Jay Freeborne, Enrolled Agent
With 2013 upon us, tax returns for 2012 will begin to be processed after January 30th (due to fiscal cliff modifications). If you owe taxes for 2012 and are unable to pay them, it will DEFAULT any current payment agreement you have with the IRS.
The good news is that the DEFAULT might be a blessing in disguise as you might be a candidate NOW for an Offer in Compromise to settle your debt. Rule changes in 2012 make the Offer easier than ever to do: Offer in Compromise Rule Changes for 2012 At the bare minimum, you or a tax professional needs to make plans for the default and review your case to see how it should be resolved.
Owe for 2012? For 30 years, WATAX has been solving every kind of tax problem. Call us at 1-888-282-4697 or email us a description of your tax issue and we'll discuss with you whether an Offer might work or whether new representation would be beneficial for you.
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