Do I Really Have to Repay the IRS for Old Debt?

Question: Dear Jim, Over 23 years ago I owe the IRS $6000 for an overpayment/refund from them. Over the years that amount was changed with penalties and interest is now $200000 or more. Now I 72 years old and have been receiving SSN with a garnishment payment every month. Last year they took $2000 out. … Read more

What is My Best Course of Action to Resolve My Problem With the IRS? – Steven

“Dear Jim, I failed to file for the years 1999 through 2006. I have now filed all of the missing returns, as of the end of 2011. The resulting tax and penalties is $300,000+. My financial situation is very bad, as the result of two periods of unemployment. I don’t have the savings or the … 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, … Read more

We Did Not Pay Our Payroll Tax and Now Owe the IRS. What Should We Do? – Annitra

“Dear Jim, My husband and I have a small business. He did not pay our payroll taxes. He used the tax money to run the business. The IRS has our account on hold at this time because technically he does not have a job. He says he is looking for a job and the IRS … Read more

If You Thought the Recession Was Bad, Wait Till You See The Tax Problems Many Will Have as a Result

Jim Buttonnow from easyIRS.com sent me over the following article to post in an attempt to warn consumers of the looming tax problems to come as a result of living through tough times. He raises some very important points and issues that will undoubtably catch consumers and land them in trouble with the IRS. This … Read more

Owe The IRS? Former IRS Agent Tells You What You Need to Know to Deal With the IRS.

Jim Buttonow and I met recently and had a chat about tax relief companies and what people need to know about how to deal with tax problems. Bear in mind, this interview was recorded prior to the latest FTC announcement that enforcement action against tax relief companies will be suspended for now. Jim Buttonnow from … Read more

We Closed Our ATV Business and Owe Back Taxes. – Wanda

We closed our business due to sickness and now we’re deep in debt My husband owned an ATV dealership for 17 years. It was an S Corporation. We put 2 kids thru college, we’re now in our 50’s. After 911 – business declined, but he struggled anyway and kept it open. I knew he had … Read more

We Own a Small Business That Has Never Made Much Money. How Do We Get Out of This Mess? – Sierra

“Dear Steve, We own a small business for 11 years that has never made much money. my husband filed bankruptcy and put everything for the business in my name and all or our personal property, credit cards everything in my name. now we are in trouble with the irs because my husband did not file … Read more

Banks Agree to Wipe Out Up to 40 Percent of Credit Card Debt But Watch Out.

Credit card lenders include Discover Financial Services LLC, Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., Capital One Financial Corp., American Express Co. and HSBC Holdings have finally come together with the help of the National Foundation for Credit Counseling, Consumer Federation of America and the Financial Service Roundtable to start the process … Read more

Tina Says “My CPA is Under Investigation For Fraud”

“Dear Steve, I am currently unemployed. I have approximately $20k in credit card debt. I have been contacted by the IRS that my CPA is under investigation for fraud and I have to refile my taxes from 2002-present. So far, I owe $4k for 2007 to the IRS but have not refiled the previous years. … Read more