husband self employed owe 1999 now owe 2000

irs 1999 and 2000 owed

Owe 8000.00 for 1999 and have payment plan for that.Now year 2000 will be due in full because we still owe 1999. My husband is still self employed and I have been ill most of 2000 .We do not have funds to pay all these taxes. What can we do and what will the irs dnly late on one payment to them if that helps.Three children and one that wants to start college this hopefully won`t affect him.Any advice is needed. thanks texaspam.Live in tennessee

if your hubby is going to remain self-employed I would highly recommend consulting a CPA. I am not a CPA or a lawyer, but I would by what you said, recommend that he become an S Corp. There is a larger amount of tax flexibility with being an S Corp.

As for the liability thing. . .I am not sure. You can contact the IRS and enter into an agreement with them. I have seen many people who owe much more than you do and the IRS works with them. Bottom line. . . a CPA can do all of this for you. I would find a trustworthy CPA and make him/her a Power of attorney. Then let them solve your problem.