a. early IRA distribution
b. sale of property (not your home)
c. sale of business
d. self employment
you owe the IRS money!
If you can't afford to pay it, here's our advice if you owe
less than $10,000.00
send in the form 9465 with a request for an installment agreement. pick your # for what you can afford to pay.
OR
our tax professionals will post the Power of Attorney and handle it for you.
$10,000 to $25,000.00
send in the form 9465 with a request for an installment up to $500.00 a month for $25,000.00 and lower payments downward.
OR
our tax professionals will post the Power of Attorney and handle it for you. We will also examine if you qualify for an Offer in Compromise or Uncollectible Status to resolve the issue.
$25,000 to $50,000.00
send in the form 9465 for an installment agreement up to $725.00 per month. More on the new streamlines available for debts below $50,000 -- Streamlines on debts below $50,000
OR
our tax professionals will post the Power of Attorney and handle it for you and examine other payment options. We will also examine if you qualify for an Offer in Compromise or Uncollectible Status to resolve the issue.
$50,000 plus
With this amount I think you would truly and definitely benefit from hiring an Enrolled Agent or licensed tax professional like our staff at Washington Tax Services.
New rules in the Offer in Compromise program also need to be considered: 2012 Rule Changes to Offer in Compromise Program
