11–20 of 49 posts
- Move to a country without an extradition treaty with the US.
- Change your identity. I don't imagine they'll put that much effort into hunting you down for just $100k.
- Create a Kickstarter campaign.
- Ebay the next 2 years of life. That way you are only in hock for 2 years, not 5.
- Marry someone and don't tell them about the debt until it's too late.
Typically the IRS can set you up with a payment plan that's a portion of your income. Its time to find a tax lawyer, not a CPA about this. Settlement/compromise, installment plan over a long term, and even bankruptcy are options.
Email me. Contact info in profile. The IRS cannot waive interest. That's the law. They can waive penalties but not just because. There has to be a reason. The IRS has procedures to follow. It's a bureaucracy. See if you can fit yourself in the rules. (The rule book is the Internal Revenue Manual and it is online). I will put you in touch with someone who is good at this. Appeal to authority: I am a tax lawyer.
Note: be sure you file your taxes. You legally have to file, whether you can pay or not.
Once you file, after two years the debt can be part of a bankruptcy, but you have to keep filing.
As you know, this is a really sucky spot to be in. I believe the IRS has a program for people who have no chance of repaying -- not sure what the title is. It's worth looking into.
You did a brave thing coming online with this. I imagine a lot of folks would just call you names and be done with it. Speaking for other guys in the same situation, thank you.
Good luck!
>but basically the IRS wants all my after tax earnings for 5 years. Typically the IRS can set you up with a payment plan that's a portion of your income. Its time to find a tax lawyer, not a CPA about this. Settlement/compromise, installment plan over a long term, and even bankruptcy are options.
If you are unable to legitimately pay (not working and unable to find work by being on unemployment) you will be able to qualify for the irs' settlement plan.
You are facing being broke either way, your basically going to have to figure out how long your going to be broke...
Seeing as no-one else has suggested them yet: - Move to a country without an extradition treaty with the US. - Change your identity. I don't imagine they'll put that much effort into hunting you down for just $100k. - Create a Kickstarter campaign. - Ebay the next 2 years of life. That way you are only in hock for 2 years, not 5. - Marry someone and don't tell them about the debt until it's too late.
$100K in back taxes means in income of a low multiple of that. Where did the money go? Did you turn it into assets? If so then you may want to simply sell all or part of what you have. If you did not turn your income into assets but it has all burned up see what you can do in terms of documenting your business related costs over that time. Conditional on the IRS agreeing with all this you could then make them a propo…
I am now a salaryman. The installment plan monthly amount due to my high cost location ends up being total after tax dollars minus rent and very frugal and basic living expenses. I could move to a cheaper location (which I am considering), but that doesn't seem to address the more immediate and core problem.
Similar spot here. Note: be sure you file your taxes. You legally have to file, whether you can pay or not. Once you file, after two years the debt can be part of a bankruptcy, but you have to keep filing. As you know, this is a really sucky spot to be in. I believe the IRS has a program for people who have no chance of repaying -- not sure what the title is. It's worth looking into. You did a brave thing coming onli…
[1] http://nypost.com/2014/05/22/wolf-of-wall-street-wannabe-all...