So you will have two options and it would be best to have a tax attorney help you if you can afford one.
One is to negotiate an offer in compromise with the IRS. Typically this can be done quickly and you can reduce or eliminate the penalties and interest. The downside is that you will have to pay it completly and immediately...within a couple of weeks and this whole process can be done in a short period of time.
The other option is a payment plan. This typically can take 6 months or longer. You won't likely get the interest or penalties reduced. However once you are in a payment plan, you can then apply for a SBA or other better financial instrument for your business.
I was able to get a SBA 7A loan for a merhant who was finally into a payment plan.
Right now I am getting a cash out refinace on a primary residence for a client that has 18 tax liens going back to 2010 in the amount of $980,000. He and his attorney are meeting with the IRS tomorrow to negotiate an offer in compromise. We are ready to close and fund his loan once we get that from the IRS.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
Underwriter, general business loan expert
949.228.1050
