So I'll admit I got a little bit aggressive with some deductions, and didn't properly file my taxes a few years back.
The IRS caught me. I was looking owing not a huge sum of money (very high 4 figures) but considering the economic impact of COVID19, and the fact that I have a baby on the way, on top of a business deal I was involved in going south in short I'm broke.
Now that tax attorney idea, yea you see you need money for that and I didn't have that. So I decided screw it I'll just call up the IRS and be honest. And by honest I mean I told them what's going on. I told them my income has been slashed by COVID19, that I have a baby on the way, that I recently had things go south, and in short I don't have the money to pay them.
I was given several options, I ultimate decided to do a payment plan. The IRS also waived my interest and I even got them to agree to not charge any interest. Also I won't be getting any tax return money until my debt is paid.
But considering I basically got a 0% interest loan for a really long time to pay back the IRS...I'm fine with that.
One agent even told me the IRS appreciates people who get in trouble talking to them. They recognize people screw up, fall on hard times, and will work with people.
I even heard they sometimes completely forgive tax debt. Although you gotta provide documentation for everything and since I still have an income I didn't qualify for that. But they did say if my life situation changes (i.e I can't work at all, or I lose my job etc to just call them)
I'm really happy I didn't employ a tax attorney, also over the amount I owed I don't think it would have been worth it.
Submitted December 08, 2020 at 08:31AM by sting2018 https://ift.tt/2Ld1ZSN
