to file or not to file OIC

[jda]

What is the name of your state? I am a Florida resident. I have owed the IRS monies from 1099s dating back to 1994, 1995 and 1996. These monies were earned in Georgia. The original sum owed has nearly tripled and approaches $35,000. A recent heart surgery sans insurance has put me nearly $100,000 down and restricted opportunity at age 57. I would like to get the IRS situation rectified and have filled out all the paperwork for an Offer in Compromise. On paper I would appear to be an excellent candidate with virtually no assets, large debt and little earning power. I possibly have passed the statute of limitations on the major amount from 1994, but have no idea of my actual status. Is there a way to find this out before I give up my rights re: the statute of limitations. If I thought they would take an offer of ten cents on the dollar, I wouldn't sweat any of it and pay up with some borrowed funds. Any thoughts?
Thanks!

 

[Snipes5]

Yes. Get thee and thy paperwork to an Enrolled Agent, ASAP. Don't sign anything or contact the IRS in any way until you have done so.

If you have to borrow the money to pay the Enrolled Agent, you'd be well advised to do so, it will be money well spent. The Enrolled Agent will be able to help with which, if any, statutes of limitation have run out. It could be all of them, if you filed timely and the IRS has not contacted you until now.


Snipes