If someone owes the IRS federal taxes in the amount of $50,000-$60,000 from failing to file (business, etc), what is the best course of action for him to take in order to come clean with the IRS and avoid jail time? Is this even possible?
2 Answers from Attorneys
Re: Back Taxes
The best course of action is a proactive one. File the delinquent returns as soon as possible to get an assessment of what is owed. Depending on what tax is owed, you may be able to do an offer in compromise or, at the very least, structure a payment schedule. The IRS is a creditor, just like any other creditor who wants to be paid.
Re: Back Taxes
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