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IRS debt lien ... possible levy??? Federal

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  • IRS debt lien ... possible levy??? Federal

    Arizona is the state.

    I have a friend who has come to me for advice on an IRS debt. Here is the story as I know it:

    Business is behind on 940/941/944 taxes.

    IRS Agent came to see my friend, told him to get on the ball. Friend called his accountant, accountant met with the IRS. Basically 40k is owed.

    Accountant messed up on some paperwork, missing signatures and things like that, so my friend is weary of having him negotiate a 40k debt (obvious reasons).

    IRS has placed a lien, on what I don't know.

    Friend is now receiving phone calls from every Tom, **** and Harry offering IRS debt negotiation. He is weary of these people because he doesn't want to get scammed while his business is already in some distress.

    Questions:

    What is the best next step for my friend? I suggested a meeting one on one with the original IRS agent.

    Should he consider using one of these tax negotiating services or go back to the accountant?

    Is there some other option?

    I am in no way savvy in the tax field. I hate book keeping, taxes and everything that go along with them, so I thought you folks would be my first stop.

    Thanks!
    Not everything in America is actionable in a court of law. Please remember that attorneys are in business for profit, and they get paid regardless of whether or not you win or lose.

    I offer my knowledge and experience at no charge, I admit that I am NOT infallible, I am wrong sometimes, hopefully another responder will correct me if that is the case with the answer above, regardless, it is your responsibility to verify any and all information provided.

  • #2
    Stay away from those places!

    His best bet is an Enrolled Agent, who can represent him before the IRS. An OIC (Offer-in-Compromise) might be available, if he has some cash he can part with right now.

    And hopefully, this is not the same accountant who didn't pay the taxes in the first place.
    I don't respond to Private Messages unless the moderator specifically refers you to me for that purpose. Thank you.

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    • #3
      Patty,

      Thank you. I have presented the OIC to my friend. Unfortunately, money is not his friend at the moment.

      I have been pouring over the IRS website for business payment plans; however, I am finding only personal payment plans...anyone know anything about setting up a business payment plan?
      Not everything in America is actionable in a court of law. Please remember that attorneys are in business for profit, and they get paid regardless of whether or not you win or lose.

      I offer my knowledge and experience at no charge, I admit that I am NOT infallible, I am wrong sometimes, hopefully another responder will correct me if that is the case with the answer above, regardless, it is your responsibility to verify any and all information provided.

      Comment


      • #4
        I really don't. Honestly, I'd recommend he see an Enrolled Agent. But I know an EA from another board, I'll ask him.

        I don't even want to think what happened to the money that was supposed to be deposited. Seriously, this could put him out of business.
        I don't respond to Private Messages unless the moderator specifically refers you to me for that purpose. Thank you.

        Comment


        • #5
          Originally posted by Pattymd View Post
          I really don't. Honestly, I'd recommend he see an Enrolled Agent. But I know an EA from another board, I'll ask him.

          I don't even want to think what happened to the money that was supposed to be deposited. Seriously, this could put him out of business.
          Until I read this post, I had completely missed the Enrolled Agent comment. I will advise him of this. Thank you again Patty!
          Not everything in America is actionable in a court of law. Please remember that attorneys are in business for profit, and they get paid regardless of whether or not you win or lose.

          I offer my knowledge and experience at no charge, I admit that I am NOT infallible, I am wrong sometimes, hopefully another responder will correct me if that is the case with the answer above, regardless, it is your responsibility to verify any and all information provided.

          Comment


          • #6
            http://www.irs.gov/businesses/small/...108328,00.html (Recvd. tax bill info)

            http://www.myirstaxrelief.com:80/ (This is an EA in Ca. (though handles all
            50 states) - it gives you an idea of what an EA can do for you.)
            Last edited by Betty3; 09-14-2010, 08:28 PM.
            Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

            Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

            Comment


            • #7
              From my EA forum buddy.

              The IRS can enter into installment agreements on payroll taxes. I don't think there is an automatic installment agreement such as there is for income taxes. I do know they monitor current compliance when there is a balance due from a prior period.
              I don't respond to Private Messages unless the moderator specifically refers you to me for that purpose. Thank you.

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              • #8
                Have your friend talk to a EA. They shouldn't use any of the places you
                mentioned in your first post.
                Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

                Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

                Comment


                • #9
                  I would have recommended my colleague, but he's in North Carolina.
                  I don't respond to Private Messages unless the moderator specifically refers you to me for that purpose. Thank you.

                  Comment


                  • #10
                    My second link above has a link to being aware of scams.
                    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

                    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

                    Comment

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