I need to help a retiring family member 57. He had a steady job for 9 yrs + at home business for 5 yrs. Due to receive settlement from a on the job injury. Need to resolve tax issue NOW. Yes he has most of his records (80%).
2007-03-04 07:55:52 · 3 answers · asked by taca c 1 in Business & Finance ➔ Taxes ➔ United States
Surprised no wage garnishment for 15 years of unpaid taxes! That is crazy!
2007-03-04 08:15:16 · answer #1 · answered by Catlover 3 · 0⤊ 0⤋
This is beyond any advice you will receive on a forum like this. Your retiring relative needs to contact at least a CPA. Better yet, a tax attorney.
There are firms that specialize in resolving delinquent tax issues. Look them up in the yellow pages.
You do have the right idea though. If your relative initiates it, the IRS will treat it as a business transaction, true with penalties and interest. If the IRS initiates it, it will treat it more like a criminal matter.
2007-03-04 08:20:39 · answer #2 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
Back taxes not paid for fifteen years? The best advice anyone can give is to get a recommendation for a good CPA. Don't spare him/her any of the gory details. Be prepared to pay, but it will be worth it.
2007-03-04 08:05:06 · answer #3 · answered by skip 6 · 0⤊ 0⤋