Can gift taxes be paid pver time?
- June 29, 2016
- David Greene
- Comments Off on Can gift taxes be paid pver time?
The overwhelming majority of tax problems originate with unpaid income taxes and deals are made on those every day. However, the IRS does indeed make deals on other kinds of taxes. Payroll, corporate and certain excise taxes are the next biggest groups. Another situation that arises more often than you would think is when two people claim the same child or other person as a dependent. However, this bog is to address gift taxes directly, I have had clients who were assessed gift taxes they did not know were due and also estates that did not have the money to pay gift, inheritance or estate income taxes. The kind of deal that is made depends on several factors. One is how much tax is owed. Another is what gave rise to the tax and why it was not paid on time. Finally, of course, the taxpayer’s current financial condition is very important in determining how the situation is dealt with. Many times I can negotiate to have the IRS forgive the penalties associated with all delinquent taxes, which will reduce the total owed.