What is the name of your state?California
Arranged an installment agreement for 6 years to pay taxes owed from (2005-2009) on a small online business my brother and I had. Paid $80 a month totaling several thousand. With the penalties and interest accumulating I was frustrated that the amount wasn't decreasing as it should.
I put in an offer in compromise in April 2019 for the $6700 Back taxes owed (2009- 2012). After 2012 I am current...business dissolved in 2015.
The latest letter from IRS says that based upon my current financial info, they have determined that I have the ability to pay in full. IRS has calendared a conference to discuss my exceptional circumstances on January 8 2020. My circumstances being the illness of my brother, who has cirrhosis, Hiatal Hernia, and Parathyroid. I have been his caregiver for the past 4 years. My age of 60 and limited future earning potential makes for a bleak financial future.
I am concerned because we do own our own home and a car. IRS determined my ability to pay was not based on my current income but the assets (home and car). We owned a more expensive home 5 years ago but sold it at a capital loss of $60,000. The home we are in now is $135,000 with a $40,000 mortgage.
Did I make a mistake by putting in the offer in compromise? should have just let the 10-year period run out ---would the statute run out in 2022 since 2012 was the last year taxes were owed.? How does the hardship circumstance fit in for the OIC......ELderly, caring for brother On disability. Low income.
Arranged an installment agreement for 6 years to pay taxes owed from (2005-2009) on a small online business my brother and I had. Paid $80 a month totaling several thousand. With the penalties and interest accumulating I was frustrated that the amount wasn't decreasing as it should.
I put in an offer in compromise in April 2019 for the $6700 Back taxes owed (2009- 2012). After 2012 I am current...business dissolved in 2015.
The latest letter from IRS says that based upon my current financial info, they have determined that I have the ability to pay in full. IRS has calendared a conference to discuss my exceptional circumstances on January 8 2020. My circumstances being the illness of my brother, who has cirrhosis, Hiatal Hernia, and Parathyroid. I have been his caregiver for the past 4 years. My age of 60 and limited future earning potential makes for a bleak financial future.
I am concerned because we do own our own home and a car. IRS determined my ability to pay was not based on my current income but the assets (home and car). We owned a more expensive home 5 years ago but sold it at a capital loss of $60,000. The home we are in now is $135,000 with a $40,000 mortgage.
Did I make a mistake by putting in the offer in compromise? should have just let the 10-year period run out ---would the statute run out in 2022 since 2012 was the last year taxes were owed.? How does the hardship circumstance fit in for the OIC......ELderly, caring for brother On disability. Low income.