You filed your return on time. Now you can't pay. What's next?

By
Education & Training with Arch Tax Resolution

I represent tax payers in the greater St. Louis area, the State of Missouri and nationwide. The beat goes on in Washington as it's business as usual. Nothing is getting done. People and businesses small and large need help and there is mass confusion about PPP Loans and the EIDL SBA loans. There is so much noise and people don't know what to believe. Confused?

Is there more help on the way? Yes, what is it? All we know is something has to give as it's an election year. Stay tuned.

Let's change subjects for a moment. Now that the tax deadline has come and gone for most people in terms of filing, what if you owed money and couldn't pay?  As everyone knows the IRS has been shut down for months and though opening up July 15 they are far from fully functional. All payment plans were suspended but now it is time to start paying. 

One rule that has changed and it is good for tax payers is if you owe $250000.00 or less and if you can pay pay off your balance within the statue of limitations which is the time the IRS has to collect the debt there are no collection information statements that need to be filled out. All you have to do is call the IRS and work it out. One catch though. If your account has been assigned to a Revenue Officer the above option is not available.So check your notices if your haven't been contacted by the IRS locally. Here is what you need to look for in your correspondence from the IRS.

Letters, 504, 504B, and LT 11 are signs that you are on the IRS radar and it's time to act. The LT11 is a notice of intent to seize your property and assets. Don't ignore these notices. 

There are a number of payment plans available, offers in compromse of tax debt are possible but you must qualify. Difficult but not impossible If its in the IRS best interest they will settle, if not they won't.

If you or anyone else you know are having IRS or State tax issues don't hesitate to contact  me if you have questions. The IRS doesn't like to be ignored. Be proactive. My eamail address is info@steveshapiroea.com. Phone numbers are 636-397-2759, 888-490-9744 or text me @636-866-4554.

                                                                               Arch Tax Resolution

                                                                               620 South Benton

                                                                               St. Charles, MO 63301

                                                                               www.archtaxresolution.com

                                                                               www.steveshapiroea.com

 

 

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