The pressure is relentless. You’ve received the IRS notice indicating that you owe back taxes. You know the date by which you are supposed to pay your tax debt, but you just can’t pay it. There isn’t enough money coming in, and you don’t have assets to sell. You are barely hanging on financially right now, and this debt would push you over the edge.
You May Have Alternative Solutions
One way to satisfy your IRS tax debt is to pay your outstanding taxes, interest, and penalties in full. However, you do not have to face financial ruin and lose everything in order to do that. Instead, you may consider some of your options. Those options may include:
- Filing an offer in compromise. An offer in compromise is an agreement about an alternative payment arrangement that is reached between a taxpayer and the IRS.
- Seeking innocent spouse relief. If your spouse made a mistake or cheated on your taxes and you didn’t know about it, and had no reason to know, then you may be able to claim innocent spouse relief.
- Claiming currently not collectible, or hardship status. This may allow you to postpone your tax payments if you are unable to pay.
- Bankruptcy. Some bankruptcies may affect your tax debt, but others may not. It is important to know how a bankruptcy may affect you before filing for bankruptcy relief.
This list is not exhaustive. You may be able to address your outstanding tax debt in a number of other ways without facing financial ruin.
Call an Oklahoma City Tax Lawyer to Learn More
For more information on what you can do to avoid financial ruin when faced with a large IRS bill, please contact an experienced Oklahoma City tax attorney today for help. Please call 800-721-7054 to schedule an initial consultation. We also invite you to learn more by reading a copy of our book, The Ultimate Survival Guide for IRS Problems, which is available for FREE on this website.