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New Year, Fresh Start?

If you finished 2013 with a tax debt hanging over your head, don’t despair.  You must, of course, pay the taxes due, but the IRS’ Fresh Start initiative may help you achieve a workable solution.

Many people fear a tax lien, in which the IRS attaches your bank account and freezes all your money until you’ve paid your debt.  Here’s some good news:  most often, the IRS won’t file a Notice of Federal Tax Lien if your debt is below $10,000.  

Assuming you can’t write a check for the entire balance owed (or you would simply pay the tax due), the IRS offers installment agreements. Taxpayers who owe less than $50,000 can use up to six years to pay.  A direct debit option reduces the worry of making timely payments each month and taxpayers can apply online or by filing Form 9465

If your debt is so large you feel you’ll never be able to pay it off, an Offer in Compromise might be the answer. However, the IRS will only accept an offer for less than the full tax debt if it believes the amount offered is the most it could collect within a reasonable period.  Check the IRS’ Pre-Qualifier tool to see if you’re eligible to make an Offer in Compromise.

The first step in resolving IRS problems is to be sure all your returns are filed through the last tax year.  Using a CPA is not the least expensive way to file but you gain the assurance you’re dealing with a professional who must meet required standards and can defend his or her work to the IRS if necessary.

Start the New Year well and contact Patrick & Robinson CPAs if we can help you: or 904-396-5400. 

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Frequently Asked Questions


Should I consult a CPA if I’m starting a new business?


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