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socrateaser
socrateaser, Lawyer
Category: Tax
Satisfied Customers: 33543
Experience:  Retired (mostly)
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in the eight years i have been in practice i have been to five

Customer Question

in the eight years i have been in practice i have been to five tax professionals, i have given them my income information four of these professional have held onto my information for one to two years then advised me that they could not do my taxes with no reasons give ( i have corroboration from people who worked for the firms and i have cancelled checks and correspondence. Eighteen months ago i found a professional who specializes in deliquent we have been working and speaking with the irs regarding this serious deficit and returns were being prepared (correspondence available) last month the irs raided my office and house> my tax attorney tells me i can go to jail for years and be fined etc. I have difficulty that after all the time i spent trying to get my returns filed and finally having initiated contact with the irs this could occur
Submitted: 3 years ago.
Category: Tax
Expert:  socrateaser replied 3 years ago.
Hello,

I get the feeling you are looking for legal representation, rather than an answer about the law. If that's true, then no one here can help you, because we "justanswer" legal questions.

That said, can I answer a legal question for you?

If not, then let me know, and I ask customer service to refund your money.
Customer: replied 3 years ago.
Thankyou, i have obtained counsel but i am concerned about penalties, criminal, for not filing and paying
Expert:  socrateaser replied 3 years ago.
The penalty for late filing is 5% per month of the taxes owed, 25% maximum. Interest is the federal reserve short-term rate plus 3%, compounded daily, on the unpaid tax due.

Once you file all of the returns, you can attempt to set up an installment payment plan, or make an offer in compromise for a lump sum. You can also consider filing bankruptcy after 240 days for any return on which the filing date is at least three years past due. I don't know if bankruptcy is an option, but it may get rid of 5 years worth of your tax return obligation.

The IRS does not want to prosecute anyone for a criminal violation. However, eventually, if you do not file, then that's what will happen, so the sooner you file, the better off you are.

Also, for any return where you do not owe taxes, the minimum penalty for late filing is $100 ($135 for returns required to be filed after 2008). So, if any return shows a loss or breakeven, then that would be good.

Hope this helps and happy new years.

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