Podcasts Business Main Street Business #454 What to Do if You Can't Pay Your Taxes by October 16th

#454 What to Do if You Can't Pay Your Taxes by October 16th

Published: Oct. 3, 2023, 1 p.m.

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In this episode of the Main Street Business podcast, hosts Mark J Kohler and Mat Sorensen provide a comprehensive guide on how to deal with the Internal Revenue Service (IRS) when you owe them money!

  • Understanding the importance of communicating with the IRS and making a plan to address tax debt.
  • Resolving tax debt options, such as short-term and long-term payment arrangements.
  • The process and potential benefits of negotiating a deal with the IRS through an Offer and Compromise.
  • Examining the implications and potential consequences of ignoring IRS communication about owed taxes.
  • Analyzing the potential of bankruptcy as a last resort option for resolving overwhelming IRS debt.
  • Highlighting the necessity of seeking professional help for tax resolution and avoiding costly mistakes.
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