Anonymous Posted February 28, 2003 Report Share Posted February 28, 2003 Hi, Anybody have any info on how to pay off the IRS and back taxes(20k)? Ive tried an offer in compromise but was turned down.. they think I make too much!! ha ha! Ive tried to get an unsecured loan as even a high interest rate would be cheaper than the IRS penalties and interest, but an existing ccc (2300 owed) account has lenders clamming up!! I rent and have two old used cares for colateral and thats it!!!.... somebody HEEELP!!! please? Link to comment Share on other sites More sharing options...
Anonymous Posted February 28, 2003 Author Report Share Posted February 28, 2003 Go to a CPA or a good Tax Prep Service that also does offer in compromise....you can resubmit an offer in compromise. I am currently consulting with my tax service to prepare one for me. A professional that deals with the IRS all the time has a better chance than us lay peaople in getting one approved. I tried one by myself and was turned down also. From what I have been told there is a "formula" that the IRS uses assets/income etc. There are three reasons to submit an offer -- Doubt as to Liability, Doubt as to Collectibility and Effective Tax Administration. Link to comment Share on other sites More sharing options...
bw4444 Posted February 28, 2003 Report Share Posted February 28, 2003 I agree! I went to a CPA and he was able to work with them on my behalf. I was starting to get those "we're gonna break your kneecaps" type threat letters from them when I saw the CPA. He was able to get them to back off a bit and agree to a plan.In my state, the state income taxing agency is actually more ferocious. They can just start dipping into your bank account. A good tax-oriented CPA really knows what's happening and is well worth the price. Link to comment Share on other sites More sharing options...
Anonymous Posted February 28, 2003 Author Report Share Posted February 28, 2003 I did go with a CPA the first time around and was unsuccesful, recently I went to two different tax lawyers who both told me I fall into the cracks! I make too much for an offer in compromise but because I Live in the bay area I make barely enough to live! guess Im stuck! Link to comment Share on other sites More sharing options...
Shawnimal Posted February 28, 2003 Report Share Posted February 28, 2003 I'd try writing a letter to your Rep. and Senators. Congress tried to gut the IRS a while back and with the GOP in power the IRS is a little more skittish about ticking them off. Tell your congress people you want to settle, but the IRS is asking for too much and your Congressman SHOULD contact the IRS and ask for them to cut you some slack.I'm not making promises... but it couldn't hurt. I used to intern for a US Senator and we'd send off threatening letter to every federal agency on constituents behalf all the time.I was always stunned by the positive results these letters often got. I guess controlling an agency's budget gives them plenty of clout. [Edit by Shawnimal on Friday, February 28, 2003 @ 03:51 PM] Link to comment Share on other sites More sharing options...
ghacorp Posted March 1, 2003 Report Share Posted March 1, 2003 Andy,Your best course of action may be to pay what is owed or contact an Enrolled Agent which is someone with IRS mediation experience. As to creditors, unfortunately, the IRS is one of those people have to take seriously, else the remedies are nasty. Link to comment Share on other sites More sharing options...
tigrrl Posted March 1, 2003 Report Share Posted March 1, 2003 I'm in the Bay Area too...crazy cost of living, eh? A friend of mine works for a big tax settlement firm in Sacramento. I don't want to post an ad for them or anything, but their toll-free number is 1-877-232-8477. They're good...and, depending on your situation, they might be able to connect you with a lender can arrange a home equity loan or refi to help pay your debt, despite a less-than-stellar credit rating. This firm is honest and the people are great; they'll tell you right away whether your situation is salvageable or not.Good luck! Link to comment Share on other sites More sharing options...
Anonymous Posted March 1, 2003 Author Report Share Posted March 1, 2003 Thanks for the input guys and thanks alsofor the phone# I had not considered a congressman at all and I will call this firm in Sac as well! thanks again for the help!! Ill keep you posted!! Link to comment Share on other sites More sharing options...
LadynRed Posted March 3, 2003 Report Share Posted March 3, 2003 You should also consider seeking a Taxpayer Advocate. They are out there to help the taxpayer deal with the IRS. The biggest problem is that the IRS uses their own damn list of 'allowed expenses' for every area and they're a JOKE ! The rent they say would be my max for Nashville is something like $400 LESS than want a modest 1 Bedroom goes for around here !! I'd have to go live in the 'hood in a slum building to live on the IRS's 'standards' for expenses !!! Link to comment Share on other sites More sharing options...
Flyingifr Posted March 5, 2003 Report Share Posted March 5, 2003 Try an Enrolled Agent who specialized in Offers in Compromise (like me). I have put through cases where CPA's failed and even attorneys lost in tax court.Offers in Compromise are an art, not a science. The IRS staff processing them in Memphis are getting wise to all the tricks and with the National Standards in place it is easier to submit an OIC knowing it will succeed if the practitioner knows what they are doing. I have a dozen pending right now offering as little as $150 and I won't take a case with a tax debt under $10K.If you want a quickie analysis, email Flyingifr@yahoo.comSteve Link to comment Share on other sites More sharing options...
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