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Owe the IRS $4000... HELP!!!?
My boyfriend was audited, and the IRS determined he owes the money which is about $4000. He really cant afford to pay it back but is cooperative and is willing to do his part to diminish the debt. What are his options in terms of payback?
5 Answers
- 1 decade agoFavorite Answer
If he's unable to pay back the debt all at once, he can request a payment plan with the IRS to cover his tax debt. A payment plan works just like credit card payments -- small, monthly fee to pay off your debt. Just be aware that the IRS will be the one to determine the amount of your monthly payments, and if you should default for whatever reason, the IRS can terminate the plan.
Source(s): http://irs-tax-debt-help.com/ - Bostonian In MOLv 71 decade ago
The IRS will work with him to set up a payment plan. There is a fee for this plus penalties and interest will apply but they are not that bad and are usually lower than putting it on a credit card or taking out a personal loan. About $75 a month should work in his case.
- troLv 71 decade ago
he can enter into an installment payment plan with IRS which will cost him to set up
and if he defaults any one payment, the entire amount is immediately payable
but that is his best plan
- JudyLv 71 decade ago
They'll let him set up a payment plan, which will probably let him pay it back over 5 years.
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- acmeravenLv 71 decade ago
Go to IRS.GOV and get the payment plan request form, fill it out and mail it in.
