I received this referral this week about eliminating taxes in bankruptcy: I was audited for my 2005 taxes and owe $55,000 to the IRS as a result. I owe other debt in addition to the...
Read PostCategory: Bankruptcy - Chapter 7, Bankruptcy and the IRS, IRS Audits
With more money sitting delinquent in the US Treasury than the government has resources to collect, this is a great question. All of that “quiet” debt does go eventually go away. The IRS has 10...
Read PostCategory: Statute of limitations on collections
I hear this often when I suggest bankruptcy as a source of resolution. I heard it again today during a telephone conversation with a new client. Here is what I explained to the client: Under the bankruptcy code,...
Read PostCategory: Bankruptcy - Chapter 13, Bankruptcy - Chapter 7, Bankruptcy and the IRS, IRS Audits, Substitute returns, Trust fund recovery penalty, Unfiled returns
IRS enforced collection activity continues to heat up. Compromise settlements are down by 70% while bad debt accounts continue to accumulate. Here are the numbers: 1. 779,000 taxpayer accounts were assigned to the IRS collection queue. 2....
Read PostCategory: Currently Not Collectible, IRS Collection Problems, IRS Enforcement Statistics, IRS levies and property seizures, IRS Seizures, Offer in compromise
