tax refunds from last five years

[semantic]

What is the name of your state?troubled
Hi,
for years 2000, 2001, 2002, we are owed tax refunds; totals around 4500.
since we are just filing these, are those years tax refunds something I need to list as an asset, though we don't have it yet? Will the trustee seize this?

 

[seniorjudge]

What is the name of your state?troubled
Hi,
for years 2000, 2001, 2002, we are owed tax refunds; totals around 4500.
since we are just filing these, are those years tax refunds something I need to list as an asset, though we don't have it yet? Will the trustee seize this?

Are you saying you failed to file income tax returns for three years and you may get a refund (but are not sure)?

Won't the penalty and interest from the IRS eat up the refunds?

Won't you OWE the IRS something after you get through filing these?

 

[semantic]

Not according to our accountant; we have huge business losses (flow-through from s-corp); for the earlier years we paid ourselves, paid taxes, etc;, then the biz lost big big money, debts went up, etc. So, if one looks at the tax return, it shows a huge personal loss (verified by biz corp filings), but taxes were paid in.....so, if irs wants to levy penalties for late filing, so be it, but in terms of the bk, what should I do for the filing, and what to tell the trustee (sir, the irs will probably seize this anyway????).

 

[semantic]

Also, acct. says if there is no tax owed, then no penalty assessed by irs, but if there is tax due, well that's where you pay pay pay.

Since we don't owe any tax, and expect refunds (quite sure about this), AND these are late-filings, how long can the arm of the trustee reach back for these taxes? Our first child born in 2002, second born last year; mountain of debt, more than 300k, tax refund around 4500....
what are options I must consider here?

 

[bigun]

Disclose the situation to the trustee. They'll let you know if they want the refunds.

 

[Ladynred]

The problem isn't the Trustee reaching back, if you're due the refund when you file, its money available in the present, the past has nothing to do with it.

 

[semantic]

Thank You Ladynred, That's What We Plan On Doing -