Key Points

• Don't panic if you owe back taxes; help is available.
• Understand your tax situation and file any missing returns.
• Explore options for resolving back taxes, including payment plans and offers in compromise.

Introduction

In this video, Anthony Fontana, a CPA from EA Tax Resolutions, discusses what to do if you owe back taxes to the IRS. The content is aimed at individuals who may feel overwhelmed or anxious about their tax situation after receiving notices from the IRS. Watch the full video for detailed guidance.

Step 1: Stay Calm

The first step is to remain calm. The IRS can be intimidating, but there are resources available to help you. You can seek assistance from professionals like Anthony or utilize free resources, including low-income taxpayer clinics if you qualify. Learn more about free help.

Step 2: Request a Hold on Collections

If you're facing collections, you can request a hold while you work on resolving your back taxes. This can be done by calling the IRS directly. Find out how to request a hold.

Step 3: Determine Why You Owe

It's crucial to understand the reasons behind your back taxes to prevent future issues. This could involve checking your withholding or estimated tax payments if you're self-employed. Get tips on preventing future tax issues.

Step 4: File Missing Returns

Before resolving your back taxes, ensure all missing returns are filed. The IRS requires compliance before considering any resolution options. If you lack paperwork, you can obtain wage and income transcripts from the IRS. Learn how to get your transcripts.

Step 5: Resolve Your Back Taxes

There are several options for resolving back taxes:

• Lump Sum Payment: If possible, pay your back taxes in one lump sum. Explore this option.
• Offer in Compromise: This allows you to settle your tax debt for less than the full amount owed, but you must qualify. Find out if you qualify.
• Currently Non-Collectible Status: This status can temporarily halt collections but does not eliminate the debt. Understand this status.
• Payment Plan: The IRS offers installment agreements for those who cannot pay in full. Learn about payment plans.

Conclusion

Anthony encourages viewers to subscribe for more videos on tax-related topics and invites questions in the comments. Subscribe for more content. Thank you for watching!

Comment Summary & Sentiment

The comments reflect a mix of gratitude for the helpful information and frustration with the IRS system. Many viewers share personal experiences with tax issues, indicating a strong emotional response to the challenges of dealing with back taxes.