Owing the IRS money.?

Is it all tax..or is there penalties and interest in there. You must contact the IRS and start the process. They will direct you as to what they need, how they determine what you can reasonably pay, etc. Call the IRS and if you owe State tax, contact them too. Better you contact them before they contact you

That's a lot of money to owe them.

IF you pay 1/4 to 1/2 what is owed and set up a payment plan, they'll usually accept it automatically. But if you're not doing that, it's more difficult and more is demanded of you to get approval of plan. Getting a payment plan isn't hard, though.

No it's not hard to do. If you call and talk to them then they will set up an agreement over the phone and send your paperwork in the mail. Jus t be very careful that you don't miss a payment installment or you will forfeit the deal. Also, you have to set this up each year after filing your taxes. The payment plan does not carry over from one year to the next. I found this out the hard way.

There are firms that will negotiate for pennies on the dollar since you owe over 40k. They generally only take cases over 10k so they can get a commission. I'm not sure of those company names but I see them on TV all the time.

That one will not be a cake walk. You will have to file financial statements (433 and attachments) in order to go on an installment plan. If you can get it under 25K, it is much easier.

Helen, EA in PA

no they work with you pretty well. But it does depend how much they made for the whole year. The monthly payment will vary.

get an attorney before you go.