If you are an individual, family, or a business owner and struggling to pay your income taxes, the IRS has some payment plans that may help you.
The first one is an installment agreement. This would allow you to make a payment plan with the IRS to help you make payments that are easier to fit into your budget and allow you to keep making those payments each month and avoid any collections.
Offer in compromise is where you can actually offer an amount to the IRS less than what you owe. And if they agree and you pay that, your tax liability is completely erased.
It’s important for you to know your options, and you can talk to your CPA to figure out if any of these options are right for you.
If you’d like more information on ways the IRS can help, you can search www.irs.gov or talk to your CPA for resources. If you need to reach us for any bookkeeping or payroll assistance, our number here is (310) 534-5577. Or you can reach us by email [email protected].
