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CGCPA
CGCPA, CPA
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Experience:  over 40 years experience in tax matters
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I got accepted for social security disability a couple years

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I got accepted for social security disability a couple years ago and to my surprise the process only took about 7 months and they made it retroactive back to 2003. Not sure what is in my file but I d know it is a combination of ADHD, post tramatic stress and depressive episodes. My divorce process went from 2003 thru 2006 and I was noticably drpressed for several years after the divorce and I made numerous bad decisions.

As a result i owe over $200,000 to the IRS. I greeted to two well dressed women telling them I already had a copy of the watchtower then panicked when they showed their IRS badges (humor)! ANyway, i spent too much money and made several bad investmants an lost everything. Forgot about the 20% owed on the tax deferred stuff I withdrew prematurely. Add to all this the fact that I did not open my mail for about 5 years.

I even had my accountant do 5 years of taxes, paid him but forgot to mail them so i still have this tax stuff showing that my not following thru on styuff is my achgielles heal.

I may be able to get a free lawyer to help me with the IRS., Is it possible to share my condition and how it has in many ways been responsible for this debt. How much can they take each month from me and for how long.

Any help would be appreciated.
Submitted: 3 years ago.
Category: Tax
Expert:  CGCPA replied 3 years ago.

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

I would suggest that your best bet is to file all the missing returns first. The reason for this is that the IRS has computed your tax obligation based on only the income information they have on file. They do not yet know about your deductions and exemptions. Filing the returns will bring the matter to a head.

Once that is done, you will get billing letters from the IRS. Then you can begin to deal with this in a logical way. I recommend filing an Offer in Compromise (OIC). An OIC lets you offer to resolve the tax debt for something less than full value. It can be as low as 10% of the debt depending on your ability to pay. They can accept or reject the OIC but once accepted they will establish a payment plan with you. The payment plan can be as long as 5 years but should be something far less painful. To begin educating yourself on this submission you should go to the IRS web site www.irs.gov and review the Offer In Compromise forms and instructions. Then once you have gained a familiarity with this you can seek professional help in preparing the submission. If it is at first rejected, you can resubmit with a larger payment offer.

During the OIC submission process you will be able to state (and document) your situation. It will make them far more agreeable to working with you. They cannot take all or any portion of your SS Dbl benefit but will use it towards determining how much you have to meet living needs.

CGCPA, CPA
Category: Tax
Satisfied Customers: 3740
Experience: over 40 years experience in tax matters
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