Archive for November, 2008
How Long can the IRS Collect?
Question: I’m paying the IRS tax 1040 for 1997 and 1998. How long do I have to pay theses taxes? Is there a time limit? I thought it was only ten years. Why amd I still paying?
Answer: This is a great question. You are correct, that after you have filed your tax returns and the [...]
Getting On Course After Not Filing Taxes Since 2001
Question:I stopped paying taxes in 2001, when my long-time employer bankrupted. I have worked on and off as a sub-contractor since earning about $30K/year but have no assets of value. I’m getting letters from the IRS. What can they do except throw me in jail?
Answer: When you owe the IRS money it can be very [...]