any tax experts here? old old tax not paid

Jamie_UK · 01-03-08, 10:17 AM

Be careful what you say on here, there is a poster called BigBollocks who reports people to the IRS.

Cabo · 01-03-08, 10:18 AM

The IRS is usually right on with this. Unless you can prove you didn't owe the tax, I think you owe it.

Penalties and interest will rack up after 20 years, why wait 20 years to bring this up???

vanman · 01-03-08, 10:19 AM

I think you might be in the shit old boy.

SBR_John · 01-03-08, 10:45 AM

Probably not.

Here is what I would do; Hire a tax attorney. Settle for the original amount or something close to it. Make payments if you dont have all the cash.

If you are not swiming in cash the IRS is more than happy to settle a 20 year old debt at a big discount. Now if you are making good dough then no chance, pay in full.

Destroyer · 01-03-08, 10:53 AM

Horse:

For your information, failure to file a tax return is considered tax evasion. It's illegal and you can be prosecuted for criminal charges and subject to substantial financial penalties.

If you value your freedom, it's worth seeking legal counsel to determine what alternatives you may have to resolve this matter.

pokernut9999 · 01-03-08, 10:56 AM

I dont think you have to be a tax expert to answer this question.

1. Never ignore the IRS they can and will take anyone down.
2. If you owe them , of course you have to pay.
3. Why the hell wait 20 years to ask ?

2Pac · 01-03-08, 12:53 PM

Originally posted by Jamie_UK

Be careful what you say on here, there is a poster called BigBollocks who reports people to the IRS.

Mr KLC · 01-03-08, 12:55 PM

SBR John hit it right on the head. You need to get a tax attorney yesterday and get it all straightened out. If you keep putting this off, eventually you might be talking to us from maximum security.

Dark Horse · 01-03-08, 01:31 PM

What John said. Better to take care of it. A friend of mine did a few years back. Now he can finally buy his own house. So in that sense it cost him money not having squared up with the IRS (having to pay rent all these years).

picantel · 01-03-08, 01:56 PM

TITLE 26 - INTERNAL REVENUE CODE
Subtitle F - Procedure and Administration
CHAPTER 66 - LIMITATIONS
Subchapter A - Limitations on Assessment and Collection

Sec. 6502. Collection after assessment
a) Length of period
Where the assessment of any tax imposed by this title has been
made within the period of limitation properly applicable thereto,
such tax may be collected by levy or by a proceeding in court, but
only if the levy is made or the proceeding begun -
(1) within 10 years after the assessment of the tax

Really it depends on when the tax was assessed. This is not really my specialty though so who knows.

DukeJohn · 01-03-08, 02:16 PM

Horse, If you go back and file your 1987 return and demonstrate you were self employed and had enough expenses to bring your tax liability to $0 you would then be able to have the IRS adjust your amount to $0 and thus you would owe nothing. However, it would be a good idea to go ahead and file each return from 1987 through today, just to bring you current. Then again I am no tax attorney and you should really talk to one about it.

SBR_John · 01-03-08, 03:09 PM

Originally posted by DukeJohn

Horse, If you go back and file your 1987 return and demonstrate you were self employed and had enough expenses to bring your tax liability to $0 you would then be able to have the IRS adjust your amount to $0 and thus you would owe nothing. However, it would be a good idea to go ahead and file each return from 1987 through today, just to bring you current. Then again I am no tax attorney and you should really talk to one about it.

Thats what I would do too. I'd just do it through a tax attorney so you dont file something bogus.

I had something similiar. Made a huge stock market gain in like 82. But I of course was a gambler and lost it all before April 15th in 83 and couldnt pay my 82 taxes. So I said fuk it. Then in 90 I hired a CPA who filed my 82 taxes and he found a whole bunch of deductions. To make a long story short it took way less cash than I originally thought. Plus, the IRS was more than happy to help me resolve the few years I had missed returns. They were actually quite helpful in helping me reduce my tax.

Take the first step, you will sleep a lot better.

Timetopay · 01-03-08, 03:11 PM

Originally posted by SBR_John

Thats what I would do too. I'd just do it through a tax attorney so you dont file something bogus.

I had something similiar. Made a huge stock market gain in like 82. But I of course was a gambler and lost it all before April 15th in 83 and couldnt pay my 82 taxes. So I said fuk it. Then in 90 I hired a CPA who filed my 82 taxes and he found a whole bunch of deductions. To make a long story short it took way less cash than I originally thought. Plus, the IRS was more than happy to help me resolve the few years I had missed returns. They were actually quite helpful in helping me reduce my tax.

Take the first step, you will sleep a lot better.

How much time does IRS have to come back after you? Forever? I thought it was 7 or 10 years

teazeman · 01-03-08, 03:14 PM

SBR John is spot on with his post concerning this issue.

picantel · 01-03-08, 04:04 PM

Originally posted by Timetopay

How much time does IRS have to come back after you? Forever? I thought it was 7 or 10 years

It looks like 10 years from when the tax was assessed.

SBR_John · 01-03-08, 05:29 PM

It depends I think. If its not criminal I thought I heard it was like 3 to 4 years fom when you file.

But keep in mind if you never filed then the clock has not began to tick right?

horseplayer69 · 01-03-08, 10:16 PM

Great advice guys..Thank you i will hire a tax pro..My main reason is its time to get a real job..Been doing the bonus whore ect job for years and we all know where that went..My real problem today is i have cash thousands of dollars of IRS tickets at the race track over the years and can't prove i ever lost..