Back Tax Help And Installment Agreements

Owing money to the IRS can be daunting, especially when your taxes are overdue. If your tax debt is starting to pile up, contact BC Tax for help. Our team of back tax experts provides the solutions you need to help get your taxes back on track.

How Much Tax Debt Do You Have?

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What Are Back Taxes?

Back taxes are taxes due for a prior year that have gone partially or fully unpaid. You can have back taxes on the federal and state levels.

All back taxes accumulate penalties and interest. If you don’t file a tax return, the penalty is 0.5% of the amount due. You’ll be charged this penalty every month until your tax debt is fully paid or the penalty reaches 25% of the tax owed. The IRS also charges interest on the unpaid amount. This interest rate changes quarterly.

If your back taxes remain unpaid, you could face serious legal consequences. The IRS may garnish your wages or seize assets and property using tax liens and levies.

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How We Can Help With Back Taxes

At BC Tax, we understand back taxes happen for many reasons. You may have made a simple filing mistake, or you may not currently have the funds to make a payment. Regardless of your reason or how much you owe, BC Tax can help alleviate your back taxes.

Based on your specific circumstances, we may take one of the following approaches to resolve your tax debt.

Request a Payment Plan

The IRS offers payment plans that allow you to pay your back taxes within an extended time frame. You can apply for a short-term payment plan, which gives you 180 days to pay the amount you owe. If you prefer to spread out your payment, you can apply for a long-term payment plan — also known as an installment agreement. A long-term plan allows you to pay the amount owed in monthly installments.

At BC Tax, we’ll help you determine the best plan for your needs and prepare your application. We can also help you take advantage of reduced fees based on your income status or COVID-19 relief needs.

Propose an Offer in Compromise

An offer in compromise is a program through the IRS that allows you to settle your tax debt for less than the full amount owed. The IRS bases your eligibility on several factors, including your income, assets, expenses and ability to pay.

The experts at BC Tax can file an offer that has a strong chance of acceptance.

Apply for Noncollectible Tax Status

If the IRS concludes you can’t pay your back taxes based on your current financial situation, they may declare your tax debt non-collectible. When your debt receives “currently not collectible” (CNC) status, the IRS will stop aggressive collection tactics like garnishing wages and placing tax liens and levies. However, the money you owe will still accumulate interest and penalties.

If you have a financial hardship that makes paying back your taxes virtually impossible, our licensed Enrolled Agents can help get your debt declared non-collectible.

Contact Us Today

Get in touch with us today for help with back taxes. We work with taxpayers in Colorado and throughout the United States.

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Janet Kleyn

04:49 25 Oct 22

I have worked with Megan Bridge of BC Tax for more than 10 years. Megan has provided invaluable advice and counsel. She handled all representation... for us with the IRS and negotiated a very positive agreement. Megan always explained the options and gave her recommendation. Megan made a challenging situation much easier.read more

Tiffany Hudson

15:14 21 Oct 22

BC Tax has the Midas touch with tax returns. Every detail was thoroughly reviewed with me and I got the biggest refund I’ve ever gotten in my life. I... felt very comfortable placing my trust in them and it paid off big.read more

Enrik Bogdani

15:01 21 Oct 22

What can I say other than they are a complete joy to work with. Communication is a big deal when dealing with such a serious overwhelming problem. BC... Tax was extremely helpful and very diligent with the whole process. They will explain everything A - Z and will actually take the time to make sure you understand whats going on. My team worked its tail off for me and Im very impressed with the results.read more

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Help With Back Taxes And Installment Agreements