In situations where a taxpayer has a greater tax liability
than funds, there are several options available. The taxpayer can, of course,
borrow the money from a third party to satisfy the debt to the IRS, or even
arrange for an installment payment agreement with the IRS. When the debt is so
substantial with respect to a taxpayer’s overall financial position that he may
not be able to satisfy the debt in full, or there is a real risk of financial
ruination, the taxpayer can seek to compromise that debt, resulting in payment
of a lower amount than the total due.
Questions: http://www.rehcpas.com/
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