Ask the Tax Pro!
Do you have tax debt and don't know where to turn for answers or what steps to take first?
Having tax debt can be an overwhelming, stressful and confusing experience, whether this is your first time having tax debt or you have been swamped in debt for years.
We are here to help and answer whatever questions you might have. Simply post your question in the comments below and Tax Resolution Center's Tax Pro will answer your questions, usually within 24 hours on business days.
(If you would rather ask your tax debt questions confidentially, please call the Tax Pro at (877) 415-9100 and ask for Jim; or email jim@taxresolutioncenter.com).
2 comments:
I closed my business almost 7 yrs ago. Because it was failing I didnt pay taxes for the last 3 yrs it was open. Now IRS says I still owe those taxes. I'm assuming my tax debt will be erased after 10 years because of Statute of Limitations. Is that all there is to it or is the issue more complicatied than this.
Sherill L. (Stockton CA)
Sherill -
Closing a business can be very complicated. For instance:
- What happened to your assets?
- Have you filed all your returns?
- Have you contacted state and local taxing agencies?
- Did you open a new business?
These are some of the questions that are important to answer when closing a business. Assuming all the correct steps have been completed, you are correct: There is a period of time the IRS has to collect. Depending on the type of tax and your particular situation, the time period can vary.
We would be happy to talk with you about your situation and help you determine whether or not your business is completely closed and if the statute of limitations applies to your situation.
Sincerely,
Jim Banks
Senior Tax Analyst
Tax Resolution Center, Inc.
(877) 415-9100
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