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by Anonymous on April 2nd, 2009

Anonymous

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Owe back Taxes. Recently un-employed. Husband retires in July. IRS wants a Offer in Compromise in 30 days. Unable to pay 20% down. Should I file bankruptcy or enter into another agreement that I can't keep. Will they take from SS? If so how much?

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Answers. 1 helpful answer below.

  • by Sherri on April 3rd, 2009

    Sherri

    Let me start with your last question first: yes, they will garnish SS and will take upto 50%! YIKES!

    Do NOT enter into an installment agreement that you can NOT keep. Call the IRS back and explain the financial situation to them. They will/should work with you to get payments that you can keep! Filing a bankruptcy will not work as I'm guessing the taxes are not more than 3 years old!

    If you can not get an installment agreement that is within your means, call an Enrolled Agent (in your yellow pages under taxes/consultants) and one of them call deal with the IRS for you!

    Just be sure that you are keeping up to date with your current taxes!

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