Oh My Gosh! Level of Debt
(To large to pay off)
You owe an amount that will never be paid off.
This category of tax debt is often common for small to medium-sized businesses with individuals making significant earnings. Collection action is in full swing and there appears to be no light on the horizon line.
You are worried that everything you have worked for in your life will be sucked up in a settlement. You are spending all your time either worrying or attending to the debt. Business income likely has suffered. You need to get matters resolved immediately before matters go from bad to worse.
To “fix” this you may need the intervention of a court to help stabilize you and your family’s finances. You will need help in backing down collections, settlement options, reduction of the indebtedness (if wrong) through appeal, or tax reduction programs offered by the IRS or state Department of Revenue.