If the IRS finds I owe taxes on about 30000 dollars what would Iowe in taxes and penatlys and would they offer a settelment amount and what percentage would you think that would be. I'm being audited ps this is for 2006 2007

That is hard to say. The annual interest rate will be about 8%, but the penalties could range from 25 to 200%, depending on whether they determine if there fraud and/or negligence involved in the preparation of your return.

As a tax professional, the IRS gets very upset when taxes are not being paid as they should. As with the previous post, if there are falsified amounts on your return, it's not very likely that they'll let it go lightly. The penalties alone could be as much 50%, 75% or more...

Yes if you owe the IRS what percent will they usually take for payment in comprimize

If they are anything like Revenue Canada, they want everything that is owed, no compromise.

Tick

If you owe taxes can't pay the full amount at the time of the bill how do they determine how much you should pay monthly on a payment plan

What kind of taxes? County, local, school, IRS, State?

IRS

If you owe IRS taxes how do they determine amount of installment payments if you can't pay the amount you owe at one time

We are all volunteers here and it takes time to get to every question.

PLEASE stop posting the same question.

Please don't keep starting new threads over the same issue. Use the Answer this Questions options to post a follow-up question.

I've merged the threads for you.

Can you go bankrupt on federal andback state taxes in Ohio

Taxes are not dischargeable under the bankruptcy code. That means that, even if you successfully file for bankruptcy, back taxes are one obligation that will not be relieved and you will still have to pay them.

No they can not be discharged,

I have to disagree.

I have spoken with a number of bankruptcy attorneys on this issue, and they HAVE successfully gotten back taxes from BOTH the IRS and state discharged via federal bankruptcy proceedings.

Im on ss disibility and pension will the IRS be more apt to work something out with my wife and myself do to my ss disibility

Again, I have merged your threads. Please do NOT start a new thread for a follow-up question. Use the Answer This question options.

The IRS will view your overall financial state to determine whether they will accept an offer in compromise.

If Social Security pension and disability is your ONLY source of income and your other financial assets are such that they cannot be legally seized, then the IRS will be more apt to accept a lesser amount.