i owe federalback taxes for numerous years dating back 12 years. what can i do to keep the irs from taking my wages if i get a job? can i file bancrupcy on them? how do i stop the penaltys and interest?
2 Answers from Attorneys
Bankrupcy will not protect ou.Contact the IRS and work out the debt or a lawyer to do that for you,.
Here are the answers to your questions:
1. If you work out a resolution, they will not levy your wages. Examples include an Installment Agreement or an Offer in Compromise. In your case, the 10 year Statute of Limitations may wipe out the old years.
2. Bankruptcy can be used to discharge your taxes. It depends on how long ago the returns were filed.
3. Penalties max out after 4 years. Interest never stops.
Like most IRS problems, I would need to know all of the information before I can give you a specific solution to your case.
Feel free to call or email me at [email protected] if you have any other questions. Please reference the fact that you are following up to my response at LawGuru so my staff makes sure that I get it.