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About Jay Allen Finn, CPA
Expertise
IRS Audits. All Collection Tax problems; specifically but not limited to, delinquent returns, bank levies, liens, garnishments of wages, Also specializing in Offer in Compromise. Limited to 1040/ personal tax issues
Experience
27 years experience as a CPA in the IRS defense area following a position as an IRS Auditor in the oil and gas industries.
Organizations
Texas Society of Certified Public Accountants (Peer Assistance Committee), Houston Chapter of the Texas Society.
Publications
Submit your articles.com
Education/Credentials
BBA - Bachelors of Business Admin., Magna cum laude, Series 6 and 68 - Registered representative, Series 65 - Financial planner.
Certified Public Accountant
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You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > Delinquent taxes
Expert: Jay Allen Finn, CPA
Date: 8/12/2008
Subject: Delinquent taxes
Question
Normally I speak to Helen but I see she is on vacation.
I failed to file the 1996 tax returen on time
and recenlty filed the 1997 tax.
Iwas assessed as owing 2264 in back taxes for both years.
Helen told me to call and ask for a removal of some of the penalties due to my circumstances. I did so last week and
I spoke to an IRS person who I do have their ID and name
who removed 467.57 or penalties and put me in the
category of "non collectable" for one year due to circumstances.
She did say Penalty and interest would accrue at 30 dollars a month.
One week later, Today I receive a letter that says
to immediately remit 2263.15 to prevent collection action.
In addition we will search for other assets we may levy.
(If you have already made an arrangement please call us immediately)
The intial person said she'd send a letter noting that she had wiaved the penaltie etc but I have no letter as such
yet.
I have two questions:
1: I can call and explain to the IRS after hanging on hold for 1/2 hour or so that supposedly I have a one year
deferrment.
2: My main question is my house is currently in foreclosure.
Most likely the bank will not lose money on my house.
Should I just call and ask the IRS to put a levy on my house
in case there are proceeds left over? I had 40K I put down on that house?
Is that a better plan? Then if there are by chance proceeds left over the IRS balance would be paid maybe.
What do you think.
Thank you
Mary.
Answer
Your plan 2 might work but you will have to have a long talk (and be on hold) with IRS. However, such approach does not sound like it would hurt you.
As to your question one, the reason you got a computer generated letter is it probably a cross in the mail with your arrangements. If you are calling about the prior question you can make sure the employee with the ID# has made the change promised.
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