2006-12-21 10:52:45 · 6 answers · asked by A Mitzvah 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
I owned my own business for 12 yrs. I started out w/ a 8k DOR debt in "94 and now is 144k. 25% interest, 50k in penalties, 50k in Fines...I have a normal job but they tk out 25% each week, possibly for the rest of my life.I cannot pay it back. I have a lawyer/CPA . He says something will break but has anyone else been through something remotely the same?
2006-12-21 11:09:09 · update #1
Normally, you can reach an agreement with the IRS to pay a flat dollar amount of your back taxes, your CPA should know that. As far as stopping the garnishment, there is really nothing you can do. The laws are they can take 25% of your disposible earnings above the amount set up by the Federal Consumer Protection act (I believe it is something around $170 per week) So if you make $500 a week, they will take 25% of the difference (25% of $330). You may want to contact the IRS and see if you can reach an agreement or get any of the fee's waived. I would also consider getting a new CPA.
2006-12-21 12:31:09 · answer #1 · answered by suzieh212006 2 · 0⤊ 0⤋
You either pay the debt or ask a court to overturn the order granting the garnishment.
2006-12-21 18:56:00 · answer #2 · answered by skip 6 · 1⤊ 0⤋
Pay the back taxes.
2006-12-21 19:00:45 · answer #3 · answered by robbet03 6 · 0⤊ 0⤋
Have you considered paying the taxes.
2006-12-21 19:06:31 · answer #4 · answered by ? 6 · 2⤊ 0⤋
Start you own business.
2006-12-21 19:01:54 · answer #5 · answered by Anonymous · 0⤊ 2⤋
pay them back....
If you don't have the money to pay them back, hit me up and i'll show you a easy and rewarding way :) (i'm serious too)
e-mail : dreamno27 at yahoo dot com
2006-12-21 19:06:54 · answer #6 · answered by hug q4h prn 3 · 0⤊ 4⤋