When Debra Locker Griffin realized she owed the IRS $15,000, it became one of the biggest nightmares for a small business owner – not having the money. But luckily, Griffin found a way to pay the IRS and shared her story so other small businesses could avoid this situation.
The problem started with a hired accountant that Griffin rarely checked up on, and that rarely checked up with her. There had been no communication until the news came from the IRS and this can easily be avoided by regularly checking up with your accountant. The solution started with Griffin first receiving a line of credit for her bank to the sum of $8,000 and withdrawing $3,000 from her personal savings. Lastly, Griffin contacted the IRS to request an installment plan.
Due to her proactive efforts, the IRS accepted her proposal and begun an installment plan to be paid off over a year and a half. Small business owners should be aware that the IRS allows for installments – note that there are late payment charges and interest on unpaid taxes.
To read Griffin’s full story, read the article at The Washington Post.