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We attempted to purchase a house, title insurance found that the owner owed the IRS $62k. There was a lien on the property, but obviously no seizure. He was supposedly making payments. Not that it helped us out, crooked SOB.:mad:

Simple: Take the amount you owe in taxes and go to Vegas.

Best case, you win more than that amount, pay the IRS and still have money in your pocket.

Worst case, you lose it all and write off the gambling losses and don't owe the IRS anything. :)

YMMV.

Scott

It's really not a big deal, but you will pay hefty penalty and interest. They won't come after you unless you make it necessary for them. Like someone else said, they don't want your stuff. Your bank account, maybe. But as long as you cooperate and are sending them something, they'll just let the p+i accrue.

I would not put it on my credit card if it were me!

Gook luck!

-e.

Scott it depends on what kind of tax it is.

If it is payroll taxes it is hard to do an OIC, but if it is personal taxes it is different.
It is going to depend on how much money it is, and what kind of assets your friend has.

In my dealings with the IRS and state of VA. they wanted to do a payment plan, but the interest would accruing faster that I could pay it down. I would not agree to the payment plan for the IRS, but kept stocking away funds so when they finally got tired of the run around I offered them a lump sum and they took it. Basically I paid the taxes but no interest and no penalty.

This was 1999-2001, so things may be different now. The IRS was very easy to work with and seamed reasonable and fair, but the state of VA was somewhat difficult.

Contact the IRS right now. Send them a letter with your SS#.

Explain your problem. Emphasize that you will be FILING ON TIME and paying just as much as you can. In the letter, say you have heard about payment plans for people in trouble and ask for details.

Be very, very cooperative.

Take it from there. Dunno re credit card - depends on what rate you can get and if it is a teaser rate.