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Many people prepare their tax returns to discover that they are getting a refund. This is certainly great news and cause for celebration. Others, however, find out that they owe taxes, many in an amount they find to be unaffordable. They cannot simply write a check and enclose it with the tax return.
This can cause a lot of stress, as they face having to pay interest, possible penalties, and collection actions down the road, like wage garnishments and liens on their homes! That is why, for this episode, I invited back accountant Ira Krassan to talk about what can be done to negotiate a payment plan with the IRS, or an offer in compromise if the full amount cannot be paid. There are things that you can do, and Ira is here to tell you all about it!
