It’s Never Too Late to Pay Down an IRS Debt
Problems–life problems–can happen to anyone. When I met Richard, he was in serious trouble with the IRS. He had made a mistake many years earlier. At that time, he began a relationship with a woman he loved. But sometime during their relationship, she got sick. She required hospitalization. Richard had a good job and he helped pay her medical bills. But the bills soon spiraled out of control.
While he struggled to provide his girlfriend with the care she needed, Richard found it impossible to pay his IRS tax bill. The end of the year would come, and he would file his IRS return but he wouldn’t pay. Years of unpaid IRS debt began to accumulate. IRS penalties and interest also accrued. When Richard came to me, his debt had ballooned to almost $400,000.
What had started as an act of kindness and love, soon became a mixed-up trail of bad decision making. Often when people are grieving or in shock, they forget their responsibilities. They don’t think about the future.
Richard’s relationship had ended some time before he came to see me. He had a new girlfriend. But he wondered if his huge debt had ruined his future. I calculated what he owed and what he needed to live. The debt was too big for him to pay. He had been under duress. I offered these reasons as part of an offer in compromise to the IRS.
An offer in compromise is an IRS debt settlement proposal. As a certified tax resolution expert, I know how to negotiate with the IRS. I know what an IRS agent can or can’t do. I also help my client understand his or her options.
After I put forward an offer in compromise for Richard, I told him the offer might not work. The IRS could dismiss it out of hand. Or they could offer a debt payment plan that would still be too high for Richard to pay in any reasonable amount of time.
The verdict came in: our IRS debt offer was accepted! Richard was overjoyed. Witnessing his new lease on life was supremely gratifying. I’m delighted to report that he and his partner are now expecting their first child.
“I owed the IRS $385,812, Ralph Nelson of Financial Harmony Tax Resolution negotiated an Offer in Compromise and settled my tax problems for only $11,844. I got into trouble with the IRS because I tried to pay medical bills for a loved one. After years of not paying taxes, I needed help. That’s where Ralph’s help and guidance came in – he is a miracle-worker!”– Richard S., El Cerrito, Ca.
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