940 & 941 Taxes

[colleen178]

I am wondering if 940 & 941 taxes that where assessed 10 years ago are now uncollectable by the IRS. Last year my income tax refund was kept by the IRS for taxes that were owed on a business I closed in 1990. I filed the returns at the time and paid what I thought was owed now 10 years later(as of May 2000)I don't want to have this years refund taken also. Once the 10 yr statue is reached this May are those taxes no longer collectable by the IRS? Any advice anyone can give would be greatly appreciated. Thank You.

 

[GURUDUDE]

I AM NOT AWARE OF ANY 10YR RULE WITH TAXES DUE...IT'S BEST TO NEGOCIATE THESE TAXES...POSSIBLY AN OFFER AND COMPROMISE...AND A PAYMENT ARRANGEMENT...THE
INTEREST IS STILL RUNNING...IT'S BEST TO TRY TO SEEK PROFESSIONAL TAX ADVISE...THEY MAY BE ABLE TO REDUCE THE OUTSTANDING TAXES,
AND HELP RESOLVING THIS ISSUE BETTER AND FASTER FOR YOU...THIS WOULD BE TO YOUR BENEFIT...LAST TIME I CHECKED THE IRS'S INTEREST RATE WAS AROUND 18%...IT DOES MAKE ANY SENSE JUST LETTING THEM TAKE YOUR YEAR ENDS REFUND, IT DOES REDUCE IT, BUT IT MAY TAKE YOUR MANY MORE YEARS TO PAY, AND AN UNBELIEVEABLE AMOUNT OF INTEREST...

I BELIEVE IT WOULD BE BETTER FOR YOU TO DO SOMETHING....THAN NOTHING...AND LETTING THE INTEREST RUN...