Penny Arcade Forums› Help / Advice Forum
As was foretold, we've added advertisements to the forums! If you have questions, or if you encounter any bugs, please visit this thread: https://forums.penny-arcade.com/discussion/240191/forum-advertisement-faq-and-reports-thread/
Options

Tax Trouble - Could use help.

KhildithKhildith Registered User regular
edited November 2011 in Help / Advice Forum
Edit: Thanks for the advice guys.

Khildith on

Posts

  • Options
    CauldCauld Registered User regular
    Call the IRS and ask them about the mistakes and what his options are.

  • Options
    Iceman.USAFIceman.USAF Major East CoastRegistered User regular
    If they're genuine mistakes, he can typically set up a payment plan so as not to pay out $60k in 30 days. Thats kind of insane.

  • Options
    BlarghyBlarghy Registered User regular
    With $60k in back taxes, a visit to a tax attorney would likely be a worthwhile option. And, as has been said, the IRS is willing to setup payment plans. But have him talk to a tax lawyer ASAP.

  • Options
    MrMonroeMrMonroe passed out on the floor nowRegistered User regular
    He needs a tax attorney right now.

    STEAM ID
  • Options
    DraygoDraygo Registered User regular
    MrMonroe wrote:
    He needs a tax attorney right now.

    I would lime this. Do not go it alone here, even if he made an honest mistake. For 60k he needs help.

  • Options
    November FifthNovember Fifth Registered User regular
    The response to this depends on what type of mistakes were made in regards to his return. It sounds like he either didn't have enough withholding taken out or was being payed as an independent contractor and didn't pay any payroll taxes.

    The IRS can make mistakes. He may owe less, he may also owe more than 60k to both Federal and State agencies. He should be able to negotiate a payment plan with the IRS for whatever amount he ends up owing.

    As a first step, I would really recommend that he sit down this weekend with some tax software and try to figure out where he went wrong and where the IRS is getting its numbers from. If he is incapable of doing this, then he will need to see some sort of tax professional to help him.

    He does need to get on this quickly, or he may end up paying additional penalties for not paying enough withholding for this tax year. There are statutes of limitations that apply to tax liability. They will be different for the Federal and State authorities and may also vary depending on what percentage of unpaid tax is involved.

  • Options
    Skoal CatSkoal Cat Registered User regular
    He needs to figure out what the problem is, first. I've had the IRS make a mistake and ask me for close to 30k. Turns out I owed them zero. I cashed in some investments and something got misreported. Luckily, it was something I could handle on my own. He made need an attorney depending on the complexities involved.

  • Options
    KhildithKhildith Registered User regular
    Thanks guys, I've advised him to call a Tax Attorney and then go from there.

Sign In or Register to comment.
Penny Arcade Forums› Help / Advice Forum