paying off back taxes

What is the name of your state? Ca

Does anyone know what rate the government will accept when paying back back taxes in a lump sum? Someone told me 20%, is that true?

Google is your friend.

Why don't people like my friend Google.
It took me 2.5 seconds.


http://taxes.about.com/od/taxtrouble/a/back_taxes_4.htm

Failure to File Penalty. This is calculated based on the time from the deadline of your tax return (including extensions) to the date you actually filed your tax return. The penalty is 5% for each month the tax return is late, up to a total maximum penalty of 25%. The percentage is of the tax due as shown on the tax return.


Failure to Pay Penalty. This is calculated based on the amount of tax you owe. The penalty is 0.5% for each month the tax is not paid in full.


Interest. This is calculated based on how much tax you owe. Interest rates change every three months. Currently, the IRS interest rate for underpayments of tax is 6% per year.

Yeah, google is great, if you actually look for the right thing.

The OP is asking about what would generally constitute an offer in compromise.

I believe in some cases, yes, the IRS will take 20% if they have no other option.

Snipes

Sorry, you're right I should have googled. Thanks for the info

Thanks Snipes, I wanted to know what type of offer I should be presenting

Phiber_guy said:

Sorry, you're right I should have googled. Thanks for the info

Thanks Snipes, I wanted to know what type of offer I should be presenting

Click to expand...

Nope Phiber-dude... You should have waited for someone who knows their schtick... like snipes.