[COLUMN] Tax problems? Don’t let the IRS ruin your life!

The Internal Revenue Service (IRS) is a government agency responsible for collecting taxes from individuals and businesses in the United States. While it is important to pay taxes as required by law, sometimes people may fall behind on their tax payments due to financial difficulties or other reasons. If you are facing tax problems and are worried about what the IRS will do next, there are several options available to you.

One option is to contact the IRS directly and request a payment plan. The IRS offers various payment plans that allow individuals and businesses to pay off their outstanding taxes over time. To qualify for a payment plan, you will need to provide financial information and demonstrate that you have the ability to make regular payments.

Another option is to negotiate with the IRS to reduce or eliminate your tax liability. This can be done through a process called an Offer in Compromise (OIC). An OIC is a formal agreement between the taxpayer and the IRS that reduces the amount of taxes owed. To qualify for an OIC, you will need to demonstrate that paying the full amount of your tax liability would cause financial hardship.

If you are unable to pay off your tax debt through a payment plan or an OIC, there are other options available. One option is to declare bankruptcy. Bankruptcy can help you discharge some or all of your debts, including taxes. However, it is important to note that declaring bankruptcy can have serious consequences and should only be done after carefully considering all other options.

Another option is to sell assets to pay off your tax debt. This can include selling stocks, real estate, or other valuable items. However, it is important to consult with a financial advisor before making any decisions about selling assets.

In summary, if you are facing tax problems and are worried about what the IRS will do next, there are several options available to you. These include contacting the IRS directly to request a payment plan or negotiate an Offer in Compromise, declaring bankruptcy, or selling assets to pay off your tax debt. It is important to carefully consider all of these options and consult with a financial advisor before making any decisions.