Updated July 27, 2015
IRS Back Taxes Help Chicago Illinois
If you have been through an IRS Audit and now owe additional taxes, interest, and penalties, or if you just have back taxes to pay, there are several options to consider.
- If you do not feel that the audit was handled properly, then you have the right as a taxpayer to take the examination into the appeals process given time constraints. Generally the auditors that handle appeals are more experienced and possibly much more professional than the agents that handled the initial examination. Before pursuing such an avenue, one should be reasonably sure that the evidence they have to present is strong enough to warrant an appeal in the first place.
- If the balance which is left over is reasonable, then you have four choices. You can either pay it off, do a payment plan, do an offer in compromise, or file a bankruptcy. Only specific types of tax liabilities can be discharged in federal bankruptcy.
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Chris Amundson is the President of Accounting Solutions Ltd., a full service public accounting firm of Certified Public Accountants and Enrolled Agents handling the bookkeeping, accounting, tax preparation, and audit representation needs of Businesses, Estates, Trusts, and Upper Income Individuals.