Three years ago, I had to sell my 30-year-old business due to economic hardship, resulting in a $200,000 debt from unpaid payroll taxes. I made an offer in compromise of $15,000, which was accepted by the IRS in 2012. I've been unemployed for 1.5 years but found work three months ago, enabling me to pay off 2012 personal taxes within 90 days. We owe $10,000 for 2012, have paid $6,500, and can pay the balance in 90 days. However, we cannot file Form 9465 due to the offer in compromise. Is there any way to prevent the reinstatement of the $200,000 debt, and what steps should I take to manage this situation?

May 11th, 2024

How is the government going to deal with individuals who receive 1099 forms from lenders for foreclosed properties, especially when the reported 'income' from such forms significantly increases their taxable income, and they lack the write-offs or funds to pay the resulting taxes?

October 15th, 2023

What is the payment schedule for worker's compensation cases prior to 2004, and how is the amount determined?

October 11th, 2024

I have a capital loss on Schedule D for 2009 of $408,000. Can this loss be carried back for the previous 3 years against gains in those years, or has the law changed and I can only carry it forward?

June 19th, 2024

I was laid off 5 months ago and am a single mom with children in college. I have no savings and only $11,000 in a 401(k) from my previous job. I've been working as a Realtor full-time since being laid off, but my income hasn't picked up as quickly as I hoped. If I withdraw my 401(k) money to help get me through for a few months, can I use a hardship exception by writing a letter of explanation to the IRS? Additionally, if I withdraw all the funds for a rollover to a Roth IRA, how many days do I have to transfer that into another account, and if I don't have the full amount, can I then use the hardship waiver with the IRS?

November 19th, 2023