Offer what additional estimated payment

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  • #30918
    Carlos Samaniego
    Participant

    Just got a call from the offer unit they want my client to pay the additional estimated payment for 2019. The client already paid $3900 for the year they want an additional $4000 by August 1st.

    The client only has a small portion of that and wants to get rest from his IRA, however, we used the balance of IRA $10K for the offer amount.

    Can my client pull that money from the IRA and change the offer to what is leftover in the IRA?

    Thanks
    Carlos

    #30919
    Carlos Samaniego
    Participant

    Sorry for accidental repost.

    #30923
    James Wade
    Participant

    Carlos,

    Hmmmm. Good one. Maybe request an amendment to take into account the liquidation of the IRA (I think Eric has talked about compromising a pending offer). Otherwise you might have to let the client know that he/she needs to beg from family and friends to get the money to pay the estimates.

    Hopefully Eric will chime in with his thoughts.

    Good luck.

    Sincerely,

    Jim Wade

    #30925
    Carlos Samaniego
    Participant

    Thanks Jim…

    #31258
    Eric Green
    Keymaster

    Carlos,

    Does the client owe that money? If the P&L shows they wont owe that than I would push back. If they do and failed to maintain compliance you can try but the IRS will not consider the IRA spent and agree to amend the Offer because I bet the offer included a current tax amount they were supposed to pay. You can try but do not be surprised if they refuse to agree to an amended offer.

    I would have them get the IRA, pay in the additional amount, and hopefully make up the $4K balance before the final offer payment needs to be made if accepted.

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