Tax planning is a very important part of running a successful business. We have many clients who come to us owing the Internal Revenue Service thousands of dollars. The simplest way to avoid any problems with the IRS is to file your taxes in a timely fashion and pay all the taxes owed. However, in this economy, it is not always that easy. If you do receive a notice from the IRS, there are a number of things that can be done if you do in fact owe the taxes. You can (a) file bankruptcy if you qualify; (b) file an Offer in Compromise; (c) set up a payment plan; or (d) settle.