OUTOFCHOICES
Junior Member
What is the name of your state (only U.S. law)? INDIANA
I have a question. I just backfiled my taxes for 7 years and long story short, there's no way Im going to be able to pay what I owe. I lived kinduv a hippy lifestyle and just didn't file because I thought it was a civil offense all those years and not a criminal offense...so I filed.
I owe the IRS $47,000 + penalties and the State about $7,400 + penalties. ( all 7 years combined )
I am very aware of the :
1.) OFFER IN COMPROMISE OPTION
2.) PAYMENT PLAN OPTION
3.) UNCOLLECTABLE STATUS OPTION
My "Enrolled Agent" ( Who backfiled for me ) said that he would try to file me as an uncollectable status because the amount is so huge. He said that I have an 80% chance of getting approved. But the PROBLEM is that one of the conditions of the " Uncollectable Status" is : that if you BETTER YOURSELF and start making more money....they take a look every year ( review )and then they TAKE THAT MONEY AND START GARNISHING.
The bottom line is that I need to file bankruptcy and there's no since of trying to even work on an amount THAT HIGH in an ECONOMY LIKE THIS. But Im also aware that you have to wait 3 years to file Bankruptcy on a Tax Debt.
So Im thinking about selling my business and the rights to my products to my girlfriend ( Who lives with me and our 4 kids ) and have HER get an EIN number and put my business in her name. I feel like I have that RIGHT based upon the survival and livlihood of my children, and I would just be a stay at home dad which she has no problem with that. I would then ( after the three years is up) put the business back in my name and file bankruptcy on the tax debt.
I have no assets. We rent our home and my car and everything I own is in her name. The only thing they could try to put a lien on is my scooter which is registered as a motorcycle and worth about $1,000 bucks.
Right now I have backfiled the last 7 years as a sole proprietor, so there is no LLC, S-CORP, C-CORP etc.
Another option I have been told by a couple of friends is ( If I dont want to put this business in my girlfriends name ) to GET OWN EIN number and just start paying myself as an employee a very low wage so that the garnishments are very low and that the impact will be a lot softer.
Any thoughts? Thanks.
-Stranded
I have a question. I just backfiled my taxes for 7 years and long story short, there's no way Im going to be able to pay what I owe. I lived kinduv a hippy lifestyle and just didn't file because I thought it was a civil offense all those years and not a criminal offense...so I filed.
I owe the IRS $47,000 + penalties and the State about $7,400 + penalties. ( all 7 years combined )
I am very aware of the :
1.) OFFER IN COMPROMISE OPTION
2.) PAYMENT PLAN OPTION
3.) UNCOLLECTABLE STATUS OPTION
My "Enrolled Agent" ( Who backfiled for me ) said that he would try to file me as an uncollectable status because the amount is so huge. He said that I have an 80% chance of getting approved. But the PROBLEM is that one of the conditions of the " Uncollectable Status" is : that if you BETTER YOURSELF and start making more money....they take a look every year ( review )and then they TAKE THAT MONEY AND START GARNISHING.
The bottom line is that I need to file bankruptcy and there's no since of trying to even work on an amount THAT HIGH in an ECONOMY LIKE THIS. But Im also aware that you have to wait 3 years to file Bankruptcy on a Tax Debt.
So Im thinking about selling my business and the rights to my products to my girlfriend ( Who lives with me and our 4 kids ) and have HER get an EIN number and put my business in her name. I feel like I have that RIGHT based upon the survival and livlihood of my children, and I would just be a stay at home dad which she has no problem with that. I would then ( after the three years is up) put the business back in my name and file bankruptcy on the tax debt.
I have no assets. We rent our home and my car and everything I own is in her name. The only thing they could try to put a lien on is my scooter which is registered as a motorcycle and worth about $1,000 bucks.
Right now I have backfiled the last 7 years as a sole proprietor, so there is no LLC, S-CORP, C-CORP etc.
Another option I have been told by a couple of friends is ( If I dont want to put this business in my girlfriends name ) to GET OWN EIN number and just start paying myself as an employee a very low wage so that the garnishments are very low and that the impact will be a lot softer.
Any thoughts? Thanks.
-Stranded