Main Street Business #535 Can't Pay Your Taxes By October 15th? Here's What To Do
Oct 11, 2024
32:38
In this episode of the Main Street Business Podcast, Mark J. Kohler welcomes Farah Saleh to dive deep into IRS debt resolution strategies. Learn why non-filing is far more dangerous than non-payment, and discover key strategies to resolve debt, from installment plans to creative solutions like leveraging personal assets. Whether you're facing liens, levies, or just seeking relief, this episode provides actionable steps to stay compliant and get back on track.
Here are some of the highlights:
- Mark Kohler introduces Farah Saleh, CPA specializing in IRS resolution.
- Importance of filing taxes even if you owe money.
- IRS penalties are 10 times worse for not filing, rather than not paying.
- Mark stresses the significance of immediate communication with the IRS.
- Explore creative options before getting on an installment plan.
- Consider partial pay, offer in compromise, or fighting the bill.
- Use assets to pay off debt (e.g., sell the boat, use HELOC, borrow from 401k).
- Defaulting on payments leads to continued collection efforts.
- Compliance is key for any resolution with the IRS.
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