Legal Question in Tax Law in California

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.


Asked on 11/15/06, 11:26 pm

2 Answers from Attorneys
OCEAN BEACH ASSOCIATES OCEAN BEACH ASSOCIATES

Re: Past due taxes... asset protection

As an experienced attorney in this area I have entered acceptable arrangements on behalf of my clients. It is best not to speak directly to the IRS but to have your legal representative do it for you. Call me directly at 16192223504.

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Answered on 11/16/06, 5:15 pm
H.M. Torrey The Law Offices of H.M. Torrey

Re: Past due taxes... asset protection

Your very best option here would be to have an attorney negotiate a one time tax debt settlement with the IRS ASP. If you would like such affordable legal assistance, contact us at your very earliest convenience today for a free phone consultation.

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Answered on 11/16/06, 2:08 am


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