Episode 7

Published on:

4th Apr 2022

Nemeth IRS News - Episode 7 (Here's What Happens When You Owe Back Taxes)

No one enjoys paying taxes. Plain and simple. But as the saying goes, there are two certainties in life: death and taxes. So, taxes are an inevitable part of life.

If you don’t pay your taxes, something called “back taxes” accumulate. And as time passes, penalties and interest also pile on, making the overall debt snowball in size. Rest assured however, that if you are struggling with growing back tax debt, there are many ways to regain control over the situation.

In the latest installment of Nemeth IRS News, we're covering the various strategies at your disposal should you fall into a situation where you owe back taxes to the IRS.


0:06 - Introduction and overview on the topic of the day

2:36 - What are back taxes?

3:06 - What to know if you can't pay your back taxes

4:26 - The penalty for not filing your tax returns

6:09 - What if you don't have the accurate and detailed records needed to prepare your tax returns

7:48 - The six year rule

9:10 - What happens when you can't pay your back taxes?

10:45 - Additional advice for someone who can't pay their full tax bill

11:55 - There are options and solutions available for you!

13:22 - Closing remarks

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Show artwork for Nemeth IRS News

About the Podcast

Nemeth IRS News
Got an IRS Tax Problem? We've Got Solutions
Every year the IRS sends millions of notices and letters to taxpayers for a multitude of reasons. We understand that seeing an envelope from the IRS can cause fear and anxiety! But, take a deep breath and recognize that taking care of the problem is likely a straightforward solution.

Welcome to Nemeth IRS News, featuring Nick Nemeth, Founder, of the Law Offices of Nick Nemeth, and Jamie Flores, a Managing Attorney at the firm, for in-depth tax talk!

Join us for each episode as Nick Jamie explore the world of tax law and offer solutions for resolving a variety of issues with the IRS. Every episode will feature a new topic and draw upon real examples of Nick and Jamie's client cases.