There are only 4 ways of eliminating your IRS debt: 1) Paying it, 2) Waiting until the statute of limitations for collection has expired, 3) Successfully presenting an Offer in Compromise or 4) Discharge in Chapter 7 or Chapter 13 Bankruptcy. Each of these carries positive and negative consequences to you. If you pay it, […]
Late-filed Tax Returns & Bankruptcy – Bad Blood
When you don’t prepare your own return and the IRS has evidence that you owe taxes they can assess the tax against you without your agreement under 26 USC § 6020(b). This assessment is called a “Substitute for Return” (SFR). But, this is not considered a “return” by you since you didn’t swear to the […]
