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IRS problems....and a REPO...
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Griffin     Reply with quote
l owe the IRS $3,000 and l have REPO on my record too.Will l go to jail?l know my credit is done.How long will the REPO be on my Credit?And How can l fix my credit?Please give me as much info--Thanks----
Norm     Reply with quote
It is VERY unlikely you are going to jail - the only way that would really happen is if you tried to hide assets from the IRS or something, not just for owing them money. Try to set up to pay them off before it grows larger with penalties and interest.

And no, you do not go to jail for a repo.

Your credit has taken a hit though.
Newman     Reply with quote
It is not illegal to owe the IRS money so, unless you committed some sort of tax fraud, you wo not go to jail.

You do have to make arrangements to pay it however.

Enter in to an installment agreement and stick to it. If you ignore the balance due, the IRS will levy your bank account.
Hanson     Reply with quote
We do not have a debtors prison in the country. IRS considers you a debtor not a criminal.
Coach     Reply with quote
The repossession will be on your credit report for seven years.

If you do not pay the IRS soon or work out a payment plan with the IRS, then IRS will seize your assets or garnish your paychecks until it has recouped the $3,000, plus interest and penalties.

You will not go to jail for owing $3,000 to the IRS or for having a repossession on your credit report. Of course, you still might go to jail for some other reason.
Kim     Reply with quote
Call IRS at 1-800-829-0922 or 1-800-829-8374 or 1-800-829-7650 or 1-800-829-3903 to set up an installment agreement with the IRS. IRS will accept the minimum payment of $50.00 each month for a $3K balance. Interest & penalties will continue to accrue while u have & installment agreement, so it better to make the payment as large as u can. If u do not want to call then download form 9465 Installment agreement request & complete the form & mail to appropriate address.
If u do not set up a payment plan with the IRS then they can & will levy ur wages, liens etc.
Do not ignore the IRS.
Relax u wo not be locked up. But quit ignoring ur obligations.
Lostyo     Reply with quote
The repo will be on ur credit like any negative item for about 7 years.
If u owe the IRS, contact them about setting up an Installment Agreement. Since ur liability is low, u just have to pay it off over the next 5 years. If u can pay more, it will save u penalties & interest to pay it off more quickly. With an amount this low, u do not have to provide financial information, thought they will want to know where u work & where u bank in case u default on ur Installment Agreement. If u run into problems handling the IRS, u may want to contact an Enrolled Agent, who can represent u before the IRS.
Unless u commit fraud on a return, taxpayers usually only go to jail for not filing a tax return, not for not paying the tax due. They can however levy ur wages & ur bank account if u do not respond to the notices they send you.
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