2007-01-13 14:18:00 · 13 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I made 90k in 2005 and had a cpa do my taxes but never sent them in.
2007-01-13 14:21:36 · update #1
I'm a CPA and I'd like to say I feel sorry for you! I mean really why did you spend all that money, time to have the papers written up for you, and not send them in.
There is ABSOLUTELY NO WAY that you can avoid the charges and going to court as another said is useless cause your claim does not meet the min. cut off amount. I advise you pay it now or soon to avoid anymore interest!
2007-01-13 14:37:41 · answer #1 · answered by TLC25 2 · 0⤊ 0⤋
THERE IS NO WAY TO AVOID THE IRS, THEY WILL GET IT ONE WAY OR THE OTHER.,
2007-01-13 14:22:26 · answer #2 · answered by misty blue 6 · 0⤊ 0⤋
OHMYGOSH, pay them! Go to them and set up a payment plan. Not only will they possibly miss sending you a romantic letter asking for their money...they may just arrest you or dock your pay. PLUS, the interest rate on back taxes is enough to make your head spin. FILE AND BE DONE WITH IT. There are reasons why they compare the IRS to torture, death, all kinds of horrible things.
2016-03-14 05:27:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Sorry, IRS will like to get as much as they can get from you, but you can go directly to IRS and tell them your financial situations and how you can be paying this money. Also enter into series of IRS programs that will help you to pay up. In my situation, I promised IRS to be paying a monthly amount while I entered into a program called "pennies for dollars" in which if approved in your own case, will make you pay $700 or less instead of $7000+ with some conditions IRS will give you. It should be reminded that going through a lawyer will make you pay them all those money you could have paid to IRS, rather your CPA will help better or you can do it yourself if you know how. As a businessman, learn how to file for your taxes and deductions on timely manner.
2007-01-13 15:50:22 · answer #4 · answered by MOSES B 1 · 0⤊ 0⤋
First, see a tax pro, preferably an Enrolled Agent, rather than a CPA, for tax issues. CPA's are accounting generalists, much like your frontline doctor is a general practitioner. Enrolled Agents are tax specialists, much like the cardioligist is a specialist in medicine.
Second, (or maybe first!) you need to file the return. The penalty for failure to file is 5% per month (caps out at 25%). It's a crime not to file; it's not a crime not to pay.
With 90K of income, the way the IRS works is that if you don't file within 2 years of the due date, the IRS creates a "substitute" return in the computers. It assumes the worst-case scenario--you're single, have no deductions, and everything they have on
1099's and W-2's is all income. Then they send you a bill! I guarantee it's worse than what you think you owe now!
There are several ways to deal with the debt: You can:
1. Pay It
2. Ignore It
3. Negotiate it
The last 2 require professional guidance if you want to come out alive.
If you owed $7000 in 2006, you probably owe 50% more by now.
As much as it hurts, it's like a toothache. The longer you wait, the worse it'll get. Until they literally just extract the money from your wallet.
WealthBuilder
Enrolled Agent / Tax Specialist
2007-01-13 15:06:31 · answer #5 · answered by WealthBuilder 4 · 1⤊ 1⤋
The IRS will automatically reject any settlement offers for amounts under $10,000 so it is not worth going that route.
The quicker you pay it, the less interest and penalties you will pay.
If you can't afford it all in one lump some, enter in to an installment agreement. You can pay it off monthly over a couple of years. Don't miss a payment though.......
2007-01-13 14:27:06 · answer #6 · answered by Wayne Z 7 · 2⤊ 1⤋
Have the same CPA refile them and possibly check for overlooked expenses--like away from home expenses, charitable contributions, business expenses, etc. The IRS loves taxpayers who are trying to work with them. Good Luck.
2007-01-13 14:32:00 · answer #7 · answered by James 1 · 0⤊ 0⤋
Well, you could move out of the country fast. Or quit your job so you don't have any income to garnish, and sell all your assets quickly so you have nothing left to seize.
Why do you feel you shouldn't have to pay, when the rest of us do?
2007-01-14 04:18:55 · answer #8 · answered by Judy 7 · 0⤊ 0⤋
have them redone and send them in. ask for them to be amended for that year. you will probaly still owe but it won't be near as much as the IRS is claiming.
2007-01-13 14:27:35 · answer #9 · answered by pooh 6 · 0⤊ 1⤋
Get a tax lawyer before they put you in jail and seize all your property.
2007-01-13 14:24:15 · answer #10 · answered by Anonymous · 0⤊ 0⤋