• Newsletters
  • Facebook
  • Twitter
°
Thursday, September 21, 2017
View complete forecast
News-Sentinel.com Your Town. Your Voice.

The IRS might be open to fee negotiation

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.The Associated Press
Tuesday, October 01, 2013 07:15 am
Q.: I am having problems dealing with the IRS. My interest is much higher on my bill than the bill itself. How can I go about getting the IRS to lower or drop the interest fees? – Lee, via email

A.: I wish you had been a little more explicit as to what the reason is for the bill. Are there any penalties as well as interest and principal? Have you had a meeting with the IRS yet?

I know you don't want to pay these fees, but are you able to reasonably? If you are, you are going to have a tough time persuading the IRS to lower them. On the other side of that, if you are really being driven right up the wall and you can demonstrate that, oftentimes the IRS is open to negotiation.

You didn't mention the amount of money involved. If it's a substantial amount, over $10,000, there are companies that will negotiate for you. Just remember, don't pay any money up front.

Q.: What is the best way to invest money for children under 10 years old? – D.S., via email

A.: I would put the money into a separate account in your name. When the time comes, you can turn the money over to your grandchildren for them to spend however they chose with your approbation.

You can also purchase U.S. Savings Bonds.

Comments

News-Sentinel.com reserves the right to remove any content appearing on its website. Our policy will be to remove postings that constitute profanity, obscenity, libel, spam, invasion of privacy, impersonation of another, or attacks on racial, ethnic or other groups. For more information, see our user rules page.
comments powered by Disqus