Issues with the IRS and Tax Debt: the Answers Youve Been Dying to Know

Navigation: Main page » Finance

 Print this page Submit articleComment article

Author: Richard Close The IRS Hitman

Article source: http://www.articledeshboard.com/. Used with author's permission.

I'm currently in Bankruptcy and I also owe a debt to the IRS. I just did my taxes and am entitled to a refund. Do I get my refund?

No you can't get your refund. Despite the automatic stay on collections your IRS refund will go to either paying off your IRS debt; or more likely will go to your bankruptcy trustee.

I hadn't filed my taxes for 5 years and just now got them all filed and sent to the IRS. If any of the years give me a refund do I get it?

Yes…but only if you would have gotten the refund for either last year or the year before. Any tax refund prior to two years ago is null and void.

I've been paying on a tax debt for years and it doesn't ever seem to go down. Do I have to pay on this debt for the rest of my life?

No you don't. The IRS can only collect on your income tax debt for 10 years, called a Statute of Limitation. After those 10 years your debt is dismissed and you no longer owe any further money toward your IRS debt. There are a number of factors that can extend the 10 year period including bankruptcy, an IRS Offer in Compromise, and others.

The IRS wants me to pay off my debt in full. I don't have any assets to sell, or equity in my property. But I make too much money and have money in a 401k so the IRS denied me an Offer in Compromise. How can I pay off the IRS?

When you don't qualify for any of the debt reduction programs you usually have to enter into a payment plan with the IRS. You have to commit to a full financial analysis with the IRS and then try and negotiate a favorable payment arrangement. Usually these arrangements are dictated by the IRS and are not to your advantage.

I keep hearing about this tax rebate check that is supposed to stimulate the economy. What's that all about?
The government has passed an economic stimulus package to give Americans an amount of money based on their income to help "jump start" the economy. The average middle class person should receive $600.00 or $1200.00 for a married couple plus $300.00 for each child that is a dependent.

Now you have the smoking gun...Use it!

Richard Close was an IRS-Hitman. He was a revenue officer who took out anyone that owed the IRS money. He left that behind and now helps thousands of Americans beat Uncle Sam and save thousands of dollars. He offers free advice and tips on removing wage garnishments and bank levies; and arms you with the skills to slash your tax debt: Visit at: irs-hitman.blogspot.com or www.taxdefensenetwork.com, or contact: email irs-hitman@taxdefensenetwork.com or 1-888-248-9058.