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I currently owe income taxes for several years and I do not believe that I am going to be able to repay all of the taxes, penalties, and interest owing. What are my options?

April 26, 2017able believe Currently going income taxes penalties repay taxes

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I currently owe income taxes for several years and I do not believe that I am going to be able to repay all of the taxes, penalties, and interest owing. What are my options?

1 Answer

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A. – The first thing you should do is review your tax liability situation with a tax professional who can evaluate whether the amount owing is truly beyond your means. If it is, then your two basic options are an Offer in Compromise or filing bankruptcy.