Don’t hide……..we need to talk about this. If you owe taxes to the IRS for 2020 but you don’t have the cash to pay, all is not lost. Please don’t avoid the IRS. That is my very first and probably most important suggestion.
An Offer in Compromise may be a solution for you. An offer in compromise is an agreement between a taxpayer and the IRS that settles a tax debt for less than the full amount owed. An offer in compromise is an option when a taxpayer can’t pay their full tax liability. It is also an option when paying the entire tax bill would cause the taxpayer a financial hardship. The goal is a compromise that suits the best interest of both the taxpayer and the agency.
We have several clients who have successfully negotiated offer in compromise for themselves with the IRS. It takes time and patience but know that the IRS want to work with you. That would prefer to negotiate and receive payments than be ignored.
Can we help you?