Attorney advice for Irs Debt
Q.I need to consult of an attorney to anwser these questions Is personal IRS debt discharged in a bankruptcy (chapter 7) filing? How about for a corporation or LLC? Will the IRS pursue the individual shareholders or partners for past due taxes?
A.Generally personal IRS debt is not discharged in bankruptcy, but there are limits on how much they can garnish your future earnings to collect the debt. If you think it will be impossible to for you to ever pay the back personal income taxes, you should look into the IRS's Offer in Comprimise (OIC) program, which *may* enable you to work out a payment plan and reduce the amount owed. The amount your IRS debt is reduced under an OIC depends on your future income, monthly living expenses and the cost of living where you reside (among other things), but cannot be reduced to less than $1000. As for corporations, with ones that are small and closely held, yes, the IRS will pursue individual shareholders for past due taxes (the IRS would not go after shareholders of large, publicly traded corporations far as I know). Regarding an LLC, I have no idea what you are talking about, as LLCs are not subject to federal taxes, but of course individual partners' earnings from an LLC are.
Other Questions :
2006 Form Irs
I'm pretty sure I exceeded my pass loss limit of 25k in 2006. What form/line on the IRS do I look at to figure this out on my 2006 return. Will I be able to carry this onto my 2007 Return?Since it sounds like you're dealing with rental property...
Does anybody know the IRS address to file tax return using FedEx delivery?
Does anybody know the IRS address to file tax return using FedEx delivery? I need full address, which FedEx would accept and I need to mail this return from foreign country.Based on http://www.irs.gov/file/content/0,,id=105693,00.html for Inter...
I'm filling out a self assessment form for the first time (using the TaxCalc program) and I'm having a little trouble understanding how tax relief to IRs works for higher-rate tax payers.
I'm filling out a self assessment form for the first time (using the TaxCalc program) and I'm having a little trouble understanding how tax relief to IRs works for higher-rate tax payers. I pay pension contributions as part of my salary every...
Year 2001 IRS form 940's printing as Year 2000
I am going to pose the same question that was asked earlier but with no real reponse. Anybody have any idea why a new version 2002 that was just updated would print out the wrong year on IRS Form 940. All info input for year 2001 and yet the fo...
How Far Back Can The Irs Audit
By law, can the IRS audit prior tax years? If yes, how far back can they go? What would trigger them to go back and look on prior year? If I just realized that I made a mistake on a prior year tax return, am I supposed to call them and fess up?...