Mount Laurel, NJ: Can't Pay Your Taxes? What to do

By
Industry Observer with OnPoint Resolution LLC

In Mount Laurel and the rest of New Jersey, we know the story: things are tight financially, so you either (1) do not file your income tax return, or (2) you file your income tax return but don't pay the balance due. But do not worry, you tell yourself, next year will be better. Now it is 3-4 years later and the IRS letter arrives , and the threats start, and maybe it has even gotten to the point of actual levy and seizure activity. Now the IRS is wreaking havoc on your financial life and you simply do not know what to do or where to go.

OnPoint Resolution know. We have helped many clients through that exact scenario. Fear not, there is a light at the end of the tunnel.

As it turns out the IRS is usually only too happy to work with taxpayers, but there are some ground rule you need to be aware of and a roadmap to follow.

  • Tax Compliance: The first step in resolving your tax issue is to get into "tax Compliance." Compliance means that you filed all income tax returns due for the last 6 years and have made your current tax payments. Once you are in tax compliance we can now work on resolving the back tax issue.
  • Collection Alternatives: There are three main collection alternatives to resolve a back tax debt:
    • Installment Agreement: An installment agreement is an agreement to pay to taxes back over time.
    • Uncollectable Status: Uncollectable status is when the IRS determines that you are unable to make current tax payments.
    • Offer in Compromise: An Offer in Compromise is an agreement where the IRS agrees to accept less than the total amount owed to it and the taxpayer agrees to pay the amount negotiated.

If you or someone you know has an issue with paying their federal taxes and needs help to end their IRS nightmare. Call us today at 973.840.7350

Fanta Kaba

OnPoint Resolution LLC

309 Fellowship Road, suite 200

Mount Laurel, NJ 08054

Tel. 973.840.7350

Fax. 347.344.6942

onpoint@onpointresolution.com

www.onpointresolution.com

 

Comments (1)

Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Glad to see the IRS will work with people. Happy Monday, here's to a productive day. Sell a house. Bill

Sep 26, 2022 06:21 AM