madera ca: The "10-Year" Tax Expiration Deadline
- 09/14/20 03:10 PM
As a general rule, the IRS only has 10 years to collect your tax debt, at which point, the debt expires and is no longer collectible. (As with all IRS issues, there are some exceptions to the rule.) The 10-years starts ticking down on the date that the tax is assessed. Once the 10-year time period has run out, the debt basically just goes away. However, there are some things that taxpayers do that can extend that date. 1) Bankruptsy - any time that the tax payer is in bankruptsy and the tax cannot be collected upon, the expiration date gets extended for the … (1 comments)
madera ca: Why did the IRS make up my tax return?
- 09/14/20 02:50 PM
What happens with the IRS sends you a tax bill for a year that you did not file a tax return? This is what happens when the IRS has documentation that indicates that you made money (it could be a W2, 1099, or any other document issued to your social security number), but you did not file a return claiming that income. The IRS can then create was is called a "Substitute for Return" (or SFR) in which they create a tax return for you based on the information they have, and then send you the bill that they calculated. There are many … (1 comments)
madera ca: What do the President's "Payroll Tax Cuts" mean for me?
- 08/25/20 04:27 PM
Earlier this month, President Trump announced what people are calling “Payroll Tax Cuts” as a memorandum, and there are a lot of questions. Here are some of the highlights: ~It is a memorandum that says “Hey Mnuchin, here is what I want you to do, now figure out how to do it”. What that means is that there is a WHOLE lot that we don’t know, and won’t know until we get some final guidance as this thing is supposed to take affect on Sept 1. Remember the PPP mess where we were still getting guidance (and are still getting guidance) months … (3 comments)
As a general rule, the IRS only has 10 years to collect your tax debt, at which point, the debt expires and is no longer collectible. (As with all IRS issues, there are some exceptions to the rule.)
;)
;)
