Owing Taxes

This is a discussion on Owing Taxes within the Government and Administrative Law Questions forums, part of the Legal Questions & Answers Forum category; I know someone who owns their own business and has filed extensions for three years on filing their taxes. They have recently filed their taxes for all years and are ...

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    Owing Taxes

    I know someone who owns their own business and has filed extensions for three years on filing their taxes. They have
    recently filed their taxes for all years and are up to date. This has left them owing a huge sum of money to the IRS.
    With this being such a large sum of money they are unable to pay out the entire balance at once. Is it possible that
    they would be able to set up a payment arrangement to satisfy the debt owed? The individual I am speaking of is highly concerned that there could be a lien put on their property or that they could lose their business over this.


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    This may be possible but something he would have to discuss with the IRS.
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    My dad used to have his own business and one year he owed taxes. The IRS let him pay $25 a month. You just have to talk to them. You are allowed to file every 3 years but like your friend found out you may owe a lot that way. It`s better to file once a year. Or quartly.

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    Yes the IRS does indeed have payment plans, but it needs to be discussed with them. Furthermore, they might be curious to know why you cannot pay the amount, especially if your earnings are rosy.
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