Results 1 to 11 of 11

Thread: Serious Question

  1. #1
    Member Xmacknmadix's Avatar
    Joined
    Sep 2005
    Location
    Houston
    Posts
    51
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Serious Question

    Ok so i know this is bad but how bad??? Well i used to own my business. It was performance shop. We sold accesories for cars and repaired cars. Tax time came around and i didnt file. I know i owe the tax office a certain amount but i didnt file i guess for the state. I didnt know much about running a business and did it for my STUPID EX. He messed everything up at the business. My merchant acount is charging me a certain amount for the credit card machine. And American Express is waiting for some money also b/c my boyfriend used a credit card that wasnt his at OUR shop. Then i had a dispute and now im stuck with paying that back. What should i do about that? And the tax thing? What if i just dont have the money to pay what i owe? What will they do? Can they throw me in jail?? I was really stupid for not taking care of this stuff and now im just wondering what coud possibly happen... uhhh a little frusturating. any help por favor?

  2. #2
    Yekhefah
    Guest

    Default Re: Serious Question

    Yes, they can throw you in jail. Get a good tax lawyer NOW.

  3. #3
    Veteran Member Phedre's Avatar
    Joined
    Aug 2005
    Location
    Montana
    Posts
    734
    Thanks
    0
    Thanked 3 Times in 3 Posts

    Default Re: Serious Question

    Depends, how long have you been avoiding paying it? If you stay in contact with Fed and State and write explanations about it then it stays active. If you do nothing and let it go, it will catch up to you and then you risk evading taxes charges. Did you have an accountant? Get him/her involved. You won't need a lawyer unless they are sending you papers for a lawsuit or bringing you up on legal charges. Contact the IRS and your State dept. and make sure to write letters and document everything. Use a microrecorder to record all conversations with them (you have to tell them if you are) so that you can keep track of exactly who tells you to do what. Its what the biz worlds calls the CYA COVER YOUR ASS.
    Phedre
    ~ my very own pole dancer!

  4. #4
    God/dess Casual Observer's Avatar
    Joined
    Jun 2004
    Location
    Boston MA
    Posts
    5,670
    Thanks
    35
    Thanked 144 Times in 74 Posts

    Default Re: Serious Question

    Go to the IRSand/or state revenue agency today. Not tomorrow, today.

    Tell them you owe, but you can't pay in full, and would like to start a payment plan.

    If you don't do this, a lot of stuff can happen, including jail but also asset seizure.

    Don't wait any longer.
    Idealism is fine, but as it approaches reality, the costs become prohibitive.

    William F. Buckley, Jr.

  5. #5
    God/dess montythegeek's Avatar
    Joined
    Oct 2003
    Posts
    2,103
    Thanks
    0
    Thanked 9 Times in 5 Posts

    Default Re: Serious Question

    Has the IRS sent you any notices? How did you respond? If you ignored them, they are not going to like it.

    You say ex but not ex-spouse. If he was a spouse you can look into the injured spouse issue. http://www.irs.gov/pub/irs-pdf/f8379.pdf
    I do not know how they deal with injured partners, but a lawyer or accountant would as well as the IRS itself.

    Maybe you can get some mileage blaiming it all on him, but who knows and do not bank on it. There may be partnership issues.
    http://www.irs.gov/pub/irs-pdf/p541.pdf

  6. #6
    Senior Member DanMorris95156's Avatar
    Joined
    Apr 2005
    Location
    San Jose, CA
    Posts
    94
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re: Serious Question

    Along with others I agree with the general advice of voluntary cooperation with taxing authorities and working with a professional.

    A professional can help explain your options and your can gather the facts that may support various alternatives.

    You may also have sales tax liabilities along with income tax liabilities (payroll taxes?). You will find that sales tax and payroll tax problems are bigger than income tax problems. Payroll and sales tax errors are bad news because that money wasn't yours and was in your "trust" so that liability stays with you.

    Income taxes can either be worked out, paid over time, negotiated, etc. The income tax authorities understand economic failure. But they need your involvement.

    If you get stuck, send me a note and I will help you start the process. My work in tax resolution is extensive and I have colleagues across the country.


    Good luck and it won't be as bad as you may fear.

    Daniel D. Morris
    www.adultfinancialservices.com
    [email protected]
    Daniel D. Morris, CPA
    [email protected]

  7. #7
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Serious Question

    I agree ... get an attorney involved NOW - have him contact the IRS and state tax people on your behalf ASAP, and play up the 'innocent spouse' angle for all it's worth !

    With the new bankruptcy laws coming into effect on Monday, it's entirely possible that business debts will also wind up hanging around your neck for the next 5 years. Therefore anything which can be done which can 'officially' shift part or all of this burden to your ex will mean less burden on yourself. If your attorney willingly comes forward on your behalf, but your ex makes no effort to come forward, then the IRS and state tax people will be much more inclined to buy into an 'innocent spouse' scenario and cut you some slack. Fortunately, the nature of your business also supports a scenario where, stereotypically speaking at least, you had minimal 'active participation' in the business

  8. #8
    Member hrb0's Avatar
    Joined
    Apr 2004
    Posts
    44
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re: Serious Question

    As far as the IRS they do offer several options. A lot depends on how much you owe and what you can actually pay. The IRS has no interest in keeping your debt on record forever. If you can pay off the debt, with interest, then they offer payment plans. If you owe several thousand dollars and you will never be able to pay then they do have a program called Offer in Compromise. It is form 656. It is basically bankruptcy with the IRS. They settle the matter for what they can reasonably collect. They will take your income verses your expenses. Then they add in your assets to determine what you can pay. It does give people a fresh start. It is a rather complicated form. It is best to use a tax professional for something like that. I file several every year for clients.

    Being in Texas does cause some issues about being an innocent spouse. Texas is a community property state. If the debt occurred during the marriage then the IRS will hold both parties responsible until it is paid.

  9. #9
    Member Xmacknmadix's Avatar
    Joined
    Sep 2005
    Location
    Houston
    Posts
    51
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re: Serious Question

    Ok i was never married to him so im guessing they dont give a shit about him. It wasnt a partnership thing. i was on my own. So its all on me. He is in jail now so i guess wouldnt matter. Damn now where do i start. I just need to get this taken care of now. need help anyone. thanks.

  10. #10
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Serious Question

    you might start with a free consultation .....

  11. #11
    Senior Member DanMorris95156's Avatar
    Joined
    Apr 2005
    Location
    San Jose, CA
    Posts
    94
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re: Serious Question

    Depnding upon where you are in Texas, the IRS working with the Texas Society of CPAs may have a field office dedicated to helping people (hurricane relief) but the people are there and most are volunteers. Search for the Texas Society of CPAs and look for links for assistance.

    Regards,

    Dan Morris, CPA
    [email protected]
    www.adultfinancialservices.com
    Daniel D. Morris, CPA
    [email protected]

Similar Threads

  1. Answer a question with a question.
    By _Avery_ in forum The Lounge
    Replies: 27
    Last Post: 08-21-2010, 06:12 PM
  2. question for customers on "popping the question"
    By Pretty_Penny in forum Customer Conversation
    Replies: 78
    Last Post: 09-10-2007, 11:39 PM
  3. May I please ask a serious question
    By High_Heel_Lover in forum The Lounge
    Replies: 42
    Last Post: 03-24-2007, 02:12 AM
  4. Question
    By iluvreese in forum Stripping (was Stripping General)
    Replies: 12
    Last Post: 07-02-2004, 01:15 AM
  5. BA question
    By angela in forum Body Business
    Replies: 1
    Last Post: 06-11-2004, 04:33 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •