If you are in trouble with the IRS it is very scary, and now you hear many advertisements on the radio and television from companies that claim they can resolve the problems for pennies on the dollar. Of course, sometimes, that is possible, but in the vast majority of cases, the IRS demands its pound of flesh.
We see many people in our office who owe back taxes to the IRS. If you ignore the IRS, they will levy your wages or bank accounts, leaving you with no money. There are several options available to you to deal with this situation.
1. Installment agreement – You can enter into an installment agreement with IRS to pay off the tax. Interest will still accrue so this may take a very long time, but at least you know that there will be no levies as long as you are current on your payments. This is the least attractive option. Our office can help you in obtaining an installment agreement. However, this is not the promised “Pennies on the Dollar” you heard about in the ads.