You are here:
Creditors and Bankruptcy/payroll taxes
Advertisement
Question
The Irs is stating I owe the Taxes from my Optical Business in 1988. That's over 20years ago. Can they do this? My store was taken from me in a Auction by a Optical suppy co.Two doctors took it. (I had no knowledge of this sale ..until the sheriff should up. (that's another story)
Sorry ..to stay on track I know this was done in 1987..for I left the state then. I do not owe 1988..But I have no records. They are all gone. I can not really believe this is happening. Can it ? please let me know. Tommorrow I'm calling the Irs. Thank you Patty
First, I am not a tax expert, however I do know that under normal circumstances there is a 10 year statute of limitations on Federal taxes. And if you can provide some kind of documentation you may be able to avoid collection of this debt or do an offer and compromise for much less than is owed.
I recommend contacting a CPA who deals primarily with IRS and other tax issues. There have been many tax law changes in the last few years and I am not completely up to date on those changes. Do your homework and look into the statute of limitations. This may give you ammunition to fight this.
Good luck.
- Add to this Answer
- Ask a Question
| Rating(1-10) | Knowledgeability = 9 | Clarity of Response = 10 | Politeness = 10 |
| Comment | was a quick answer...and made me feel much better. Thank you MB | ||
Related Articles
- Tax Statute of Limitations: Time Limits to Claim Tax Refunds or to Pay Tax Debts
- Offer in Compromise Process, Professional Fees, 10-Year Statute: Interview with David Bauman of JK Harris
- Statute of Limitations for Tax Debts by State - How Long to Keep State Tax Records
- Income Taxes - Income Tax Information for Small Businesses for 2008
- Offer in Compromise: Forms, Documentation, and Essential Information
Answers by Expert:
Michael Brotherton
Expertise
Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. We are well versed in Loss Mitigation practices and the legal collection process. We have helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. We actively promote Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).
Experience
28 years in financial services industry as a loan officer and debt collctor. Developed bankruptcy and loss prevention manual for large finance company for manager training. 15 years as a debt counselor and consumer advocate.
Education/Credentials
Veterans sponsored OJT Manager Candidate Scool for AVCO Financial Services, Keystones to Management for ITT Financial Services, Certified Finance Management for Associates Financial Services.
©2012 About.com, a part of The New York Times Company. All rights reserved.