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socrateaser
socrateaser, Lawyer
Category: Tax
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Experience:  Retired (mostly)
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back taxes

Customer Question

I owe a lot of back taxes from a s-corp i used to have. Working for only wages now. Any suggestions so I dont take this to my grave ? Have a phone meeting with IRS on friday !!!
Submitted: 3 years ago.
Category: Tax
Expert:  socrateaser replied 3 years ago.
The only absolutely certain means of discharging the taxes is: Work out a payment plan with the IRS, wait 240 days from the date that the additional tax was assessed, and three years after the date that the tax return was originally due, and then file for Chapter 7 bankruptcy.

The other alternative is an offer in compromise, whereby you offer to pay by lump sum what the IRS believes it can reasonably collect from you during the next 60 months. Obviously if you don't have any cash, then you can't make a viable offer, and if you can't, then there's no reason to do so, because you'll be wasting your time.

Hope this helps.

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socrateaser, Lawyer
Category: Tax
Satisfied Customers: 34860
Experience: Retired (mostly)
socrateaser and 4 other Tax Specialists are ready to help you
Customer: replied 3 years ago.
So if the last return in question is 2008, look into filing chapter 7 in 2011 ?
Expert:  socrateaser replied 3 years ago.
If this is a corporate return, then the return would have been due March 31, 2009. Three years later is March 31, 2012. Also, if new taxes were recently assessed, then you must count an additional 90 days from the date of the notice of determination, plus 240 days.

If you satisfy all of the above deadlines, then you can file and discharge the taxes. However, don't try to do this calculation yourself. Have a bankruptcy attorney with computer software do it, because if you get it wrong, you are toast.

Hope this helps.

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