Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121565  
Subject: Re: Idle question... Date: 8/1/2010 1:05 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 5
I imagine he could reach out to a tax attorney if he wanted to come clean.

Maybe it's possible for the tax attorney to reach out to the IRS and say "hey, I've got a client who hasn't filed tax returns in 30 years, and wants to come clean, but simply can't afford to pay 30 years of back taxes, penalties and interest." Maybe the IRS would be willing to reach a compromise where he is put on a payment plan for a reduced amount and stays current with his taxes going forward. From a collections standpoint that would seem to be the best option, however, from an enforcement and deterrence standpoint, the IRS may not want to waive anything.


While I don't have any personal experience in this area, reports that I've seen on other tax boards frequented by professionals indicate that the IRS is more interested in getting someone back into compliance than going after all of the back years. I would expect that somewhat more than 3 years and far fewer than 10 years of back taxes might be enough. This is not a do-it-yourself project and should probably be done through a tax attorney because of the non-zero risk that the IRS could take a hard line.

Ira
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Dividend Growth Investing

Good Time for Dividend Champions?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement