I work with many Realtors who fall behind on taxes, and then don’t know the steps to settle with the IRS.
It's easy for good people to fall behind. No one's withholding taxes from your commission checks. Your business is seasonal; strong sometimes, but weak at other times. And then closings that get delayed. It makes your cash flow harder to manage and your tax payments harder to maintain.
If you or someone you know is behind on taxes, here’s 3 steps to settle with the IRS.
File your return.
Even if you can’t afford it.
Even if don’t have the time for it.
Even if you don’t have your tax records together.
Because until you're in “compliance”, any effort to fix your tax problem is dead on arrival at the Internal Revenue Service.
Until you're in compliance, your bank account may be subject to levy. Your application for a monthly payment plan isn’t processable. And any offer to resolve your problem goes right into the IRS ‘circular file’.
“Compliance” means this:
- All tax returns are filed
- All current year payments are made (e.g., quarterly estimated payments)
No compliance, no deal.
The good news is that you can get into compliance much more effectively and efficiently than you can imagine.
If you don't have time or paperwork, we can help fix that. If you don't have money, file anyway. We can help fix that too.
We’ve had many cases where we file 2, 4, even 6 years of back tax returns for a tax client, only to discover they were due a refund - if only they had timely filed!
Resolve your tax matter
Assuming you can’t pay in full, you have three options to fix your tax problem.
- An IRS monthly payment plan, or Installment Agreement, allows you to pay off your tax debt with monthly payments, then pay it all off later when a big closing or two comes your way.
- If you’re in financial hardship, you could obtain Uncollectible status, delaying any and all payments for one or two years until you get back on your feet.
- The Offer in Compromise approach can help you resolve the debt with the IRS for less than you owe. I’ve had success helping taxpayers save $50,000, $100,000 and much more in taxes they no longer had to pay through this program.
Tap a professional
Tax debt can be tricky. Are you ready to take on the world’s most powerful collection agency on your own?
Tap on a professional to help you get and stay out of trouble with the IRS.
Not all tax pros are created equal when it comes to IRS Representation. Clients come to us after they tried to resolve their IRS problem through their tax preparer or attorney, with little or no success.
Only about 5% of CPAs and Attorneys have interest and/or experience in dealing with the IRS Collection Division. It’s a very specialized area of tax practice, and one I specialize in.
Anchor on this
Though tax troubles may seem overwhelming, it really is possible to put your IRS problem behind you. "There is a time and a way for everythng, even when a person is in trouble" (Ecces 8:6)
If you or someone you know is behind with the IRS, feel free to contact me at 757-312-0098 or firstname.lastname@example.org
I can help you learn your options and end IRS stress.