Corporate back taxes
Bankruptcy was filed in 1980. Owed $40,000, plus penalties, in back taxes. There was a telephone conversation with the IRS in about 1985-86. No contact since then. They expressed that he (my father) didn't make enough money to pay the back taxes at that time. No conversation since then. Right now he's on social security. Income of approximately 12,000 per year, plus social security
Is there a time limitation on collection of these taxes? Do they eventually remove the obligation to pay?
Thank you so much. Any help is appreciated.
1 Answer from Attorneys
Re: Corporate back taxes
Now is the best time to handle those taxes, to have the reduced close to zero, with the current income. Yes there is a time limit, it is basically ten years, but there are many exceptions.
JOEL SELIK
www.taxworkout.com
800-894-2889
Representing Taxpayers in All 50 States and Internationally, Attorney In NV and CA
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