Does anyone have experience with getting relief from the IRS on a past balance owed?
My wife and I have a good friend who we would like to assist. We are willing to give him a secured loan but not without some relief from his various creditors.
He owes the IRS $45,000 including about $25,000 of interest and penalties, dating back to 1992 and 1993 when he didn't pay his employees withholding or Social Security (I'm not really sure about this aspect).
He has been paying $300 per month for the last five years, but is falling further behind. The guy is HIV positive and barely able to pay his monthly payments against a $310,000 mortgage, $30,000 credit card debts, $16,000 car loan and the $45,000 IRS debt. He has other secured creditors at $20,000 and $40,000 plus accrued interest. His house is worth $500,000, but he's not in a position to sell it since he's not well and would not be able to buy another house and very much wants a home to stay in in case the end is near for him.
I can put some money in and re-finance his whole picture but I need relief from the various creditors.
I could use some help in how to approach the IRS on this matter.
Thanks in advance
peter |
