I received a letter from the IRS. They say I owe $21,000 in taxes. I can’t pay this and I don’t know what to expect. Any advice would be appreciate
November 24, 2017
A) Receiving a letter from the IRS stating that you owe $21,000 in taxes can be very stressful, but there are steps you can take to address the situation. Here are some tips that may be helpful:
- Read the letter carefully. The first step is to carefully read the letter from the IRS to understand the reason for the tax assessment and the amount owed. The letter should provide information on how to appeal or dispute the assessment if you disagree with it.
- Don’t ignore the letter. It’s important to respond to the IRS in a timely manner, even if you can’t pay the full amount owed. Ignoring the letter can lead to additional penalties and interest.
- Consider payment options. If you can’t pay the full amount owed, the IRS offers payment options, such as an installment agreement, an offer in compromise, or a temporary delay of collection. You can request these options by calling the phone number on the letter you received or by filling out the appropriate form.
- Seek professional help. If you’re unsure about how to proceed or need assistance with negotiations with the IRS, consider consulting with a tax professional, such as a CPA or enrolled agent. They can provide guidance on your options and help you navigate the process.
It’s important to address the issue as soon as possible and communicate with the IRS to avoid additional penalties and interest. The IRS can work with you to find a resolution that works for your situation.
Recommend you call the Tax Relief Hotline at 888-769-8983 for assistance.