California | Tax Law
Legal Question
Past due taxes... asset protection
I didn't pay taxes for couple of years. At this point I have filled back past due forms. And of course I own some money (a LOT of money - about $50,000). It wouldn't have been that bad, if it wasn't for the fact that half of that amount is the interest and penalities. IRS told me that my options are at this point either installment plan or Offer in Compromise.
Do I have any other options?
My budget is really tight now, and it seems that the only asset that they could go after is a piece of dirt (3 acres of land) that i bought some time ago in Washington. How do i prevent IRS from putting a lien on it? I am willing to pay the just and right amount back to the system , but at the same time what are my option with regard to asset protection?
Thank you.
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