Settling tax liabilities with the IRS

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Many people in New York City and beyond have faced financial difficulties in recent years. Those financial difficulties have made it hard for some people to pay off their tax debt. That appears to be the case for one man.

New Yorkers are likely familiar with Anna Wintour. Wintour is the editor of Vogue and in the running to become President Obama’s ambassador to Great Britain. Despite her success, her long-term boyfriend, J. Shelby Bryan, is facing problems with the Internal Revenue Service. Reports indicate that he owes the IRS more than $1.2 million.

Bryan was worth millions at one time. However, like so many people, he suffered setbacks as a result of the recession. It appears an unusual set of circumstances put him in this predicament.

“I had a thing that you will never want to happen in your life,” Bryan said. “It was a situation that created tax liability but no cash.”

Facing large tax arrears can be overwhelming. Unfortunately, the IRS is persistent in their efforts to collect the money that is owed to them. People who owe money to the IRS should not sit idly and do nothing because there may be ways to alleviate tax liabilities over time.

For instance, people may be able to settle their debts through a tax installment agreement. Others may choose to pursue an offer in compromise in which people negotiate their tax liability for less than the full amount.

Because the IRS requires extensive financial documentation, it is best to rely on an experienced tax law attorney as people work to settle their tax liabilities.

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