{"id":3182,"date":"2025-01-31T18:22:27","date_gmt":"2025-01-31T18:22:27","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/owe-the-irs-more-than-10000-heres-what-to-do\/"},"modified":"2025-01-31T18:22:27","modified_gmt":"2025-01-31T18:22:27","slug":"owe-the-irs-more-than-10000-heres-what-to-do","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/owe-the-irs-more-than-10000-heres-what-to-do\/","title":{"rendered":"Owe the IRS more than $10,000? Here&#8217;s what to do."},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<figure class=\"embed embed--type-image is-image embed--float-none embed--size-medium\"><span class=\"img embed__content\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/assets2.cbsnewsstatic.com\/hub\/i\/r\/2025\/01\/31\/bfa2fae3-38da-4216-9f09-8e1338cc2612\/thumbnail\/620x372\/5b3aea42d09e8bcd8d7297f6b224248f\/gettyimages-1438794367.jpg?v=a599723035d2f104d7a2d01edbe96ef8#\" alt=\"US Currency with calculator and Tax Form \" height=\"372\" width=\"620\" class=\" lazyload\" data-srcset=\"https:\/\/assets2.cbsnewsstatic.com\/hub\/i\/r\/2025\/01\/31\/bfa2fae3-38da-4216-9f09-8e1338cc2612\/thumbnail\/620x372\/5b3aea42d09e8bcd8d7297f6b224248f\/gettyimages-1438794367.jpg?v=a599723035d2f104d7a2d01edbe96ef8 1x, https:\/\/assets2.cbsnewsstatic.com\/hub\/i\/r\/2025\/01\/31\/bfa2fae3-38da-4216-9f09-8e1338cc2612\/thumbnail\/1240x744\/670a87e86a9287cce7add856442b17db\/gettyimages-1438794367.jpg?v=a599723035d2f104d7a2d01edbe96ef8 2x\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20viewBox%3D'0%200%20620%20372'%2F%3E\"\/><\/span><figcaption class=\"embed__caption-container\"><span class=\"embed__caption\">A $10,000 tax bill can be a hefty burden, but there are strategies you can use to tackle what you owe.<\/span><\/p>\n<p>                  <span class=\"embed__credit\"><\/p>\n<p>                Getty Images<\/p>\n<p>                          <\/span><br \/>\n              <\/figcaption><\/figure>\n<p>Opening your mail to find a notice from the Internal Revenue Service (IRS) is nerve-wracking enough, but if that notice shows you owe more than $10,000 in back taxes, it can be enough to trigger questions to start swirling. You may find yourself wondering: Will they garnish my wages? Will they seize my assets? Is jail time a possibility? After all, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-happens-if-you-owe-the-irs-but-cant-pay\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">the IRS has significant power<\/a><\/span> when it comes to collecting unpaid taxes, so if you don&#8217;t pay off your tax bill, there can be serious repercussions.<\/p>\n<p>Every year, though, millions of Americans find themselves in this situation, whether there was a miscalculation on a tax return, an unexpected windfall that wasn&#8217;t properly accounted for or they simply fell behind during tough financial times. And, in many cases, these taxpayers <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/cant-pay-your-taxes-what-to-do-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">don&#8217;t have enough saved up<\/a><\/span> to pay it off in one lump sum. But while owing the IRS a five-figure sum is a serious matter \u2014 one that requires immediate attention \u2014 it&#8217;s far from hopeless.<\/p>\n<p>The IRS is known for being persistent, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/who-qualifies-for-the-irs-fresh-start-program\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">there are various solutions<\/a><\/span> available to taxpayers who are struggling with large tax debts. So if you owe the IRS more than $10,000, don&#8217;t panic. All you need to do is assess your options and choose a course of action that will set you on a path toward getting rid of that hefty tax debt.\u00a0<\/p>\n<p><a href=\"https:\/\/clicks.trx-hub.com\/xid\/cbsint_a10ef_cbsnews?q=https%3A%2F%2Fsecure.money.com%2Fpr%2Fba8b8d52f2a7%3Fs1%3Dhttps%253A%252F%252Fwww.cbsnews.com%252Fnews%252Fowe-the-irs-more-than-10000-heres-what-to-do&amp;p=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fowe-the-irs-more-than-10000-heres-what-to-do%2F&amp;event_type=click&amp;article_id=902e6f34-6644-46bc-bb2f-b0102cc98045\" target=\"_blank\" rel=\"nofollow, sponsored, noopener\">Speak to a tax relief expert about your options today<\/a>.<\/p>\n<h2><strong>Owe the IRS more than $10,000? Here&#8217;s what to do.<\/strong><\/h2>\n<p>If you owe the IRS over $10,000, the following options may be worth considering:<\/p>\n<h3><strong>An installment agreement<\/strong><\/h3>\n<p>For those who can&#8217;t pay their full tax debt upfront, the IRS <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-to-settle-your-irs-tax-debt\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">offers installment agreements<\/a><\/span> that allow you to make monthly payments instead. This can be a good option if you have a steady income and just need time to pay off the balance.\u00a0<\/p>\n<p>There are different types of installment plans, including:<\/p>\n<ul>\n<li><strong>Short-term payment plans<\/strong> (for balances under $100,000, paid within 180 days)<\/li>\n<li><strong>Long-term payment plans<\/strong> (for balances under $50,000, requiring direct debit payments over several years)<\/li>\n<\/ul>\n<p>One downside, though, is that the IRS continues to charge interest and penalties until the full balance is paid. That makes this an expensive option in the long run.<\/p>\n<p><a href=\"https:\/\/clicks.trx-hub.com\/xid\/cbsint_a10ef_cbsnews?q=https%3A%2F%2Fsecure.money.com%2Fpr%2Fba8b8d52f2a7%3Fs1%3Dhttps%253A%252F%252Fwww.cbsnews.com%252Fnews%252Fowe-the-irs-more-than-10000-heres-what-to-do&amp;p=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fowe-the-irs-more-than-10000-heres-what-to-do%2F&amp;event_type=click&amp;article_id=902e6f34-6644-46bc-bb2f-b0102cc98045\" target=\"_blank\" rel=\"nofollow, sponsored, noopener\">Find out more about how a tax relief service could help you now<\/a>.<\/p>\n<h3><strong>An Offer in Compromise<\/strong><\/h3>\n<p>An Offer in Compromise (OIC), which is another option offered by the IRS, allows taxpayers to settle their tax debt <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/does-the-irs-ever-forgive-old-tax-debt\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">for less than what they owe<\/a><\/span>, which can significantly reduce the financial burden you&#8217;re facing. Qualifying for an OIC can be difficult, however. The IRS considers factors like income, expenses, assets and future earning potential before approving an offer. The application process is also complex and requires substantial documentation, so it&#8217;s important to take note of those potential hurdles before pursuing this option.<\/p>\n<h3><strong>Currently Not Collectible (CNC) status<\/strong><\/h3>\n<p>If you&#8217;re experiencing significant financial hardship, you may be able to get your debt <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/who-qualifies-for-the-irs-hardship-program\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">classified as Currently Not Collectible (CNC)<\/a><\/span>\u00a0by the IRS. If your debt is classified as CNC, the IRS will temporarily stop collection efforts, including any wage garnishments and bank levies. However, this is not a permanent solution. Your financial situation will be reviewed periodically, and penalties and interest will continue to accrue even if the collection efforts stop.<\/p>\n<h3><strong>A penalty abatement<\/strong><\/h3>\n<p>The IRS charges hefty penalties for unpaid taxes, but you may <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/having-trouble-paying-your-taxes-smart-options-to-consider\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">qualify for penalty relief<\/a><\/span> if you have a valid reason for falling behind \u2014 which typically includes things like medical emergencies, natural disasters, job loss or other major hurdles. Pursuing penalty abatement can result in reducing or eliminating the additional financial penalties, helping you lower the total amount you owe.<\/p>\n<h3><strong>A tax relief service<\/strong><\/h3>\n<p>While the IRS provides its own options for resolving your tax debt, navigating these solutions alone can be difficult. That&#8217;s where <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/ways-a-tax-relief-service-can-reduce-your-tax-bill\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">a tax relief service comes in handy<\/a><\/span>. These companies specialize in negotiating with the IRS on your behalf, helping you find the best possible resolution based on your specific situation.\u00a0<\/p>\n<p>Here&#8217;s why working with <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/best-tax-relief-companies\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">a tax relief service<\/a><\/span> can benefit you if you owe over $10,000 to the IRS:<\/p>\n<ul>\n<li><strong>Expert negotiation<\/strong> \u2013 These tax professionals understand IRS policies and procedures inside and out, increasing your chances of a favorable outcome.<\/li>\n<li><strong>Time savings<\/strong> \u2013 Handling tax debt requires extensive paperwork and follow-ups, but if you <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/are-tax-relief-services-worth-it-heres-what-experts-think\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">work with a tax relief service<\/a><\/span>, their professionals manage the process for you.<\/li>\n<li><strong>Lower settlements<\/strong> \u2013 These experts may be able to secure a better deal than you could negotiate on your own.<\/li>\n<li><strong>Protection from IRS enforcement<\/strong> \u2013 If the IRS is threatening wage garnishment, liens or levies, a tax relief service can help stop collection actions while negotiating a resolution.<\/li>\n<\/ul>\n<p>While tax relief services do charge fees, the savings they can secure often outweigh the costs.\u00a0<\/p>\n<h3><strong>The bottom line<\/strong><\/h3>\n<p>Owing the IRS more than $10,000 is serious, but it&#8217;s not the end of the world. The IRS provides multiple paths to resolve your debt, whether through payment plans, settlements or hardship status. However, dealing with the IRS on your own can be daunting and full of pitfalls, which is why many taxpayers turn to professional tax relief services to ensure the best possible outcome. But whether you choose an IRS program or seek professional help, the key is to act now to avoid further penalties from accruing.<\/p>\n<p>    <!-- tags --><\/p>\n<div class=\"content-author\">\n      <a href=\"https:\/\/www.cbsnews.com\/team\/angelica-leicht\/\" class=\"content-author__name\" data-invalid-url-rewritten-http=\"\">Angelica Leicht<\/a><\/p>\n<div class=\"content-author__bio\">\n<div class=\"content-author__full-information\">\n<p class=\"content-author__text\">Angelica Leicht is senior editor for Managing Your Money, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing roles at The Simple Dollar, Interest, HousingWire and other financial publications.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/owe-the-irs-more-than-10000-heres-what-to-do\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A $10,000 tax bill can be a hefty burden, but there are strategies you can use to tackle what you<\/p>\n","protected":false},"author":1,"featured_media":3183,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-3182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-stories"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Owe the IRS more than $10,000? 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