Home > Tag Archives: back taxes

Tag Archives: back taxes

How Do We Deal With the IRS and Our Failed Business?

Audit Stamp Shows Financial Accounting Examination

“Dear Jim, My family owns a small restaurant that’s been struggling for years. We owe the IRS and the state back taxes and have been working with various payment plans but can never get caught up. My dad even took a second job in 2011 to aid in repayment. A lawyer advised him then to shut the business down but ... Read More »

Our Financial Situation is So Bad I Don’t Know What to Do. – Kay

Businesswoman does the questions

Question: Dear Steve, DEBT- Husband went from 280,000 to 100,000 income and we have an adult daughter that has drained our savings and retirement with substance abuse. Behind on everything- Mortgage 11 months just worked out payment structure ok there- fed taxes 117,000 had installments until this year waiting on verdict. 180,000 in student debt and 80,000 in credit card ... Read More »

How Do I Deal With These Back Taxes and 1099-C I Just Got?

IRS

“Dear Jim, I am dealing with several major tax issues with the IRS right now and my situation is very complicated — I really need your help. I am a single female in my 50’s, unemployed, without any income, and have not worked since 2006 due to medical reasons. In March, 2008 I filed a Chapter 7 bankruptcy when my ... Read More »

It’s Been So Long. Do We Still Owe the IRS? – Sam

“Dear Jim, The IRS is still trying to collect $15,000 from 2000. We were in Chapter 13 in ’08-’10 and the BK was DISMISSED in Dec. ’10. In Oct. of 2011 we began making monthly payments of $50. These payments are toward the $15,000 and $640.00 assesed for 2009. Do we still owe the $15k? We entered the agreement AFTER ... Read More »

We Owe the IRS Back Taxes and Afraid They Will Put a Lien On Our House. – Kate

Ready to Collapse

“Dear Steve, I’m paying off the IRS for 2008 tax year (total is now up to $37k), and the interest keeps adding to the total owed. I owed for 2010 and paid that amount, but now owe $10k for 2011, due to too little withheld from my and my husband’s taxes. The initial job loss in 2007 is what caused ... Read More »

My Parents Are In Serious Debt. Should They Save for Retirement? – Elizabeth

Ready to Collapse

My dad lost a job many years ago, and was depressed and didn’t file their income taxes for 10 years. They owe 77k to the government, and they put in an offer in compromise with the IRS, but were told that they should be able to pay they full amount. At this point they have a chance to submit any ... Read More »

Can I Get Rid of Back Taxes in My Chapter 7 Bankruptcy? – Jacquelyn

“Dear Jim, I am converting from chapter 13 to a chapter 7 and I have owed federal taxes in it they will work with me on it won’t they? Will they work with me to pay back my taxes? Jacquelyn” Dear Jacquelyn, Thanks for the question. Although bankruptcy is filed in federal US Bankruptcy Court, state laws still apply (means ... Read More »

I Did Not File My Taxes and Now I Have an Outstanding Back Balance. I’m So Depressed. – Dan

“Dear Jim, I have aquired a huge mess by not filing my taxes and need advise. I am very depressed about my situation. I have an outstanding balance for back pay child support and now I have back taxes I owe. I have a wife and a six year old beautiful child. I am a contractor who is only maing ... Read More »

I Owe the IRS a Lot of Money and They’ve Put a Lien on Me. What Do I Do Now? – George

“Dear Jim, I own IRS appx 40,000., 65,000, with penalties and interest in back taxes. IRS recently notified me of a lien for almost 40,000. I want to set up an installment plan with the irs over 5 years to pay all the monies due. I am a retired federal employee and make approx 90,000., a year I am currently ... Read More »

Owe The IRS? Here Are Eight Awesome Insider Tips to Make it Less Painful and Cheaper

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The following guest post was contributed by Jim Buttnow. Jim is a licensed CPA who spent 19 years with the IRS coordinating large compliance teams of IRS agents and specialized personnel. In the last 5 years, Jim has invented consumer and practitioner software and treatises on how to address many different tax issues. He has also represented many people before ... Read More »

Former IRS Agent Tells Tax Debt Relief Services May be Dangerous to Consumers

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photo © 2007 paul stumpr | more info (via: Wylio)Jim Buttonow, a CPA and former IRS Agent has released information about why the very premise of selling tax relief services for an advance fee is something consumers should be protected from. Below you will find submitted comments to the Federal Trade Commission regarding the selling of tax relief services. Get ... Read More »

Can I Get Rid of IRS Debt in Bankruptcy? – Julia

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“Dear Steve, If I file bankrupcy will any of my IRS debt be forgiven? I owe for every year since 2000. Julia” Dear Julia, Yes, you can discharge IRS debts in bankruptcy. The taxes must be more than three years old at the time the Bankruptcy was filed. The three-year period begins to run from the time the returns were ... Read More »

Phony Tax Relief Scams Need to Be Avoided

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As tax day approaches, California Attorney General Edmund G. Brown Jr. today urged Californians to avoid “phony tax-relief companies” that charge taxpayers up to $3,000 in up-front fees to reduce or eliminate back taxes owed to the Internal Revenue Service (IRS), but provide no actual relief. “Every tax season, phony tax-relief companies emerge to exploit cash-strapped Californians who owe back ... Read More »

How Do I Uncover My Wife’s Hidden Debts? – Denny

Ready to Collapse

Denny “Hi Steve, I owe $70,000 in back taxes and my IRS account is currently in collections. I’m working with an accountant to setup a payment plan and am pleased with how it’s progressing. However, although I have always filed as married filing separately to keep my wife out of the picture, the IRS is sucking her in anyways. So ... Read More »

I Recently Bought a Business That Isn’t Doing Well and Owes the IRS. – Susan

Ready to Collapse

“Dear Steve, I recently bought a business that isn’t doing well. I’m just making enough to pay the business expenses with zero left over. I’ve accumulated $68000 in debt plus an additional $81,000 in a Home Equity loan due to a gambling problem I have. I’ve since gotten help for the habit and haven’t gambled in over 7 months. At ... Read More »

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