QUESTION
We just received certified mail from IRS stating to call immediately to prevent propert loss final notice of intent to
Asked on Dec 09th, 2010 on Taxation - Illinois
More details to this question:
We just received certified mail from IRS stating to call immediately to prevent property loss final notice of intent to levy and notice of your right to a hearing. Help I am unemployed struggling to make my monthly bills we have kept everything paid but are currently running a month behind and getting further behind as the minutes go by. do I need to walk away from everything and start all over is what goes through my mind. I have to find a way to pay for medical insurance since one of my prescriptions cost over $500.00. I am trying to get certified as a CNA so I can be more employable. My husband is on winter layoff again. Help us know what to do in the smartest way.
1 ANSWER
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Call IRS at the number shown in the letter within the time permitted (usually within 30 days from the date of the letter). Explain your financial situation to them over the phone and answer their questions. Your account may be placed in currently uncollectible status. For a long term solution, you can submit an offer in compromise to settle the tax liability for a lesser amount, although I would recommend you get a professional to help you through the process. Also bankruptcy may be a good option if these are income tax liabilities and the tax returns were filed more than three years ago.
Answered on Dec 10th, 2010 at 7:43 AM