After Unemployment - What Do You Do With an IRS Tax Debt When You Return to Work?

Why can't they say It?...No matter what the government and "financial analysts" say, our Country is headed into a recession. You may have already been hit by the financial crush and lost your job. And here's where the real kicker comes in.

A pat on the back and out the door...Your previous employer probably gave a lump sum distribution of your 401k. You paid the requisite taxes on the 401k leaving you with only about 60% of the original amount. And you had to report the gross proceeds from the 401k payment which pushed you into a higher tax bracket for the year and now you have a debt to the IRS!

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Take what you can...Your severance pay dried up months ago and your 401k is almost gone. You have finally gotten a job that pays much less than you originally made, and now the IRS is threatening to garnish your new job's wages if you don't set something up with the IRS collection agents. You really don't want your new boss to know about this, so what are you to do?

Let's look at what you can do? You were in a pretty desperate situation when you got your new job. Your credit cards were maxed out; you had to allow your boat to be repossessed. You can't get a loan against your home because not only is your credit shot, but because of the market you actually owe more to your bank than the house is worth. On top of that you make much less than you did before. You thought you would at least get a tax refund this year, but the IRS has already informed you that your desperately needed refund would be going towards your tax debt.

Disappointment... There really aren't many options available to you to deal with the IRS. But what about those TV commercials that tell you that your IRS tax debt can be "settled for pennies on the dollar"? Well these Offers in Compromise are extremely difficult to get, in fact only 2% of them ever get approved. And even though you are financially in trouble: you are employed, and you have a home, so you would very likely to be turned down by the IRS for an Offer in Compromise.

Good enough for now... The IRS will try to convince you to enter into an Installment Agreement. While this isn't your best option, it may be your only one. Installment agreements can be more than you can reasonably afford, but they're still better than a wage or bank levy. Just don't miss a payment or you will be in default and the IRS will come at you with the full force of their collection machine.

Now you have the smoking gun...Use it!

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