The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/tax-facts-28219349.aspx

Subject:  Tax Facts... Date:  1/10/2010  6:52 PM
Author:  comptche Number:  108406 of 124586

Hi All,

Today I received this list of Facts from the tax preparer, and EA, who does our taxes. He sent it to aid in our discussion with our son who is behind in his taxes with the IRS. I would like to say that we had a great discussion and that the problems were greatly exaggerated as our son told us, but I cannot be certain of that. The discussion has been halted at this time, so we only hope that things will turn out well, but realistically we do not believe they will. It is of some comfort to know what the procedures are from the various agencies... and... as a thank you to all of you who listened and commented earlier, here are the facts that were sent to us:

Tax Facts

The key to getting out of tax problems is to file all returns due. That sets a ten year statute of limitations running from the date the returns are accepted by the IRS (about 45-60 days after they are filed usually). Assuming that the taxpayers do not sign a waiver of statute (can you b