Tax Issues that May Relate to a Columbus Georgia Bankruptcy

Paying back taxes

Owing back taxes is a serious offense. You should resolve the issue as soon as possible. The IRS will charge penalties for non-payment of taxes. Besides penalties, you will also have to pay interest. This interest can add up quickly over time.

You can negotiate with the IRS for an offer in compromise. By making an offer in compromise, you can offer to pay less than the full amount of the taxes owed by you. The IRS has the discretion to accept less than the full amount of taxes owed by you if there is doubt as to your liability – whether you actually owe the taxes or collectability – you do not have resources to pay the amount owed. If the IRS rejects the offer, an attorney can appeal that decision to the IRS Office of Appeals, or even the U.S. Tax Court.

If you cannot afford to pay in full your back taxes in a single payment, you can request for an Installment Agreement which will allow you to pay off your tax liability through monthly installments. The installment agreement may pay all or part of your past tax liability.

Penalty Abatement

If you owe back taxes, you will be charged penalty and interest. In case of penalty abatement, you can pay your back taxes but penalty and interest (if any) is waived.

Tax Levy

An IRS tax levy is a legal seizure of your assets to satisfy an IRS tax debt.

Trust Fund Taxes

A trust fund tax is money withheld from an employee's wages (income tax, social security, and Medicare taxes) by an employer and held in trust until paid to the government.

Failure to pay trust fund tax can cause problems for the business and can result in criminal prosecution besides the payment of interest and penalties on the amount due.

If you have not paid trust fund taxes, you must contact the IRS immediately. You can offer an offer in compromise. Alternatively you can also enter into a payment arrangement with the IRS. If the IRS rejects the offer, an attorney can appeal that decision to the IRS Office of Appeals, or even the U.S. Tax Court.

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