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    howardb53's Avatar
    howardb53 Posts: 28, Reputation: 1
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    #1

    Nov 20, 2009, 12:52 PM
    Taxes owed
    If the IRS finds I owe taxes on about 30000 dollars what would Iowe in taxes and penatlys and would they offer a settelment amount and what percentage would you think that would be. I'm being audited ps this is for 2006 2007
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Nov 20, 2009, 02:37 PM
    That is hard to say. The annual interest rate will be about 8%, but the penalties could range from 25 to 200%, depending on whether they determine if there fraud and/or negligence involved in the preparation of your return.
    XTC832's Avatar
    XTC832 Posts: 60, Reputation: 6
    Junior Member
    		  
    #3

    Nov 21, 2009, 09:08 PM
    As a tax professional, the IRS gets very upset when taxes are not being paid as they should. As with the previous post, if there are falsified amounts on your return, it's not very likely that they'll let it go lightly. The penalties alone could be as much 50%, 75% or more...
    howardb53's Avatar
    howardb53 Posts: 28, Reputation: 1
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    #4

    Nov 25, 2009, 04:38 AM
    Payment in comprimize
    Yes if you owe the IRS what percent will they usually take for payment in comprimize
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #5

    Nov 25, 2009, 05:31 AM

    If they are anything like Revenue Canada, they want everything that is owed, no compromise.

    Tick
    howardb53's Avatar
    howardb53 Posts: 28, Reputation: 1
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    #6

    Nov 25, 2009, 02:12 PM
    Payment plan
    If you owe taxes can't pay the full amount at the time of the bill how do they determine how much you should pay monthly on a payment plan
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #7

    Nov 25, 2009, 03:15 PM

    What kind of taxes? County, local, school, IRS, State?
    howardb53's Avatar
    howardb53 Posts: 28, Reputation: 1
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    #8

    Nov 25, 2009, 04:14 PM

    IRS
    howardb53's Avatar
    howardb53 Posts: 28, Reputation: 1
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    #9

    Nov 25, 2009, 05:18 PM
    IRS taxes
    If you owe IRS taxes how do they determine amount of installment payments if you can't pay the amount you owe at one time
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #10

    Nov 25, 2009, 05:25 PM

    We are all volunteers here and it takes time to get to every question.

    PLEASE stop posting the same question.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #11

    Nov 25, 2009, 05:31 PM

    Please don't keep starting new threads over the same issue. Use the Answer this Questions options to post a follow-up question.

    I've merged the threads for you.
    howardb53's Avatar
    howardb53 Posts: 28, Reputation: 1
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    #12

    Dec 5, 2009, 05:16 AM
    Taxes owed
    Can you go bankrupt on federal andback state taxes in Ohio
    s_cianci's Avatar
    s_cianci Posts: 5,472, Reputation: 760
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    #13

    Dec 5, 2009, 10:07 AM

    Taxes are not dischargeable under the bankruptcy code. That means that, even if you successfully file for bankruptcy, back taxes are one obligation that will not be relieved and you will still have to pay them.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #14

    Dec 5, 2009, 11:29 AM

    No they can not be discharged,
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #15

    Dec 7, 2009, 09:05 AM
    I have to disagree.

    I have spoken with a number of bankruptcy attorneys on this issue, and they HAVE successfully gotten back taxes from BOTH the IRS and state discharged via federal bankruptcy proceedings.
    howardb53's Avatar
    howardb53 Posts: 28, Reputation: 1
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    #16

    Dec 9, 2009, 07:58 AM
    Taxes owed
    Im on ss disibility and pension will the IRS be more apt to work something out with my wife and myself do to my ss disibility
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #17

    Dec 9, 2009, 08:49 AM

    Again, I have merged your threads. Please do NOT start a new thread for a follow-up question. Use the Answer This question options.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #18

    Dec 9, 2009, 10:54 AM
    The IRS will view your overall financial state to determine whether they will accept an offer in compromise.

    If Social Security pension and disability is your ONLY source of income and your other financial assets are such that they cannot be legally seized, then the IRS will be more apt to accept a lesser amount.
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