Chen & Fogg
Certified Public Accountants
One of the more frightening IRS situations is receiving a bill that you do not have the funds to pay. An understandable response to this might be to just file the letter away and forget about it. You feel hopeless, have no means to settle the debt, so what can you do about it anyway? Well you may be able to set up a tax payment plan. Ignoring your tax bill is bound to bring the power of the IRS upon you.
You may face property liens, frozen bank accounts, garnished wages and the seizure of future tax refunds. Those are all tough enough to deal with by themselves, but they will also negatively affect your financial situation into the future. Like any IRS issue, there are rules about who can qualify. These surround how much you owe, your ability to pay, your income, expenses and assets.
So it is possible that you owe a sum of money you could not pay at once, but could pay off in installments over a reasonable period of time. You may then quality for one of these plans. Contact us today and we can help determine if this is right for you.
6300 W. I-40 Suite 102A
Amarillo, Texas 79106
Have Any Questions? Call (806)290-0850
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