I’ll be happy if I’m owing under 15k on top of the 18 or whatever I already paid.
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$94 tax return...
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I’ll be happy if I’m owing under 15k on top of the 18 or whatever I already paid.
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I didn't know this until a couple years ago but there is actually a statute of limitations on unpaid IRS taxes. It's 10 years. After that they write it off. I knew a guy in Vegas who left the country owing a mega amount of taxes and returned after the 10 year window. I didn't really believe him until I looked it up. Internal Revenue Code 6502.
I'll have to keep this in mind. haha
You’re making my pants tight.
Tell me more.
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Wife lowered her 401k contribution a bunch without telling me last year so we're going to end up owing ~$400 between federal and state since our agi wasn't as low as it should have been. Still not terrible but slightly annoying.
Run away to Europe or the Caribbean!
I honestly don't know much more than that.
Here would be my concerns:
Can the IRS tap retirement accounts like 401/403/IRA to pay money owed?
Can the IRS garnish pension checks(like I have) until money owed is paid?
Or can we liquidate all retirement accounts and transfer them to overseas accounts and not have to worry about the IRS?
Here's another possibility: can we liquidate all accounts, renounce citizenship, move overseas and avoid IRS taxes all together?
@Klaus Any input on this, amigo?
If you have any assets they will seize them long before the 10 years is up. They basically give up at 10 years when you are broke living on cash earned under the table with no bank account, cars, etc titled in your name. They will seize your social security income if you apply for it.
They can seize bank accounts with a letter, they can seize any real estate owned via a 90 day notice. *edit* the irs can seize retirement accounts if there is a flagrant conduct ruling. Which basically means "as willful action (or failure to act) that is voluntarily, consciously, and knowingly committed in violation of any provision of chapters "
You would have to move to a country that does not submit to us subpoenas and banking laws.
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Look at my previous post. If everything has been liquidated and transferred what can the IRS do? Can they tap pension checks?
Any banks that do business in the US or with the US will send your account balances if requested. You would have to find a country that would tell the IRS to **** off, and then never step foot in the US again.
They can seize anything but child support and alimony.
Edit specifically they can seize 401ks as well as pensions. They would have to have a flagrant conduct ruling to get the 401k they do not have to have that ruling to seize a pension.
Why couldn't you step foot in the U.S. again if there is a 10 year statute of limitations?
And who said anything about transferring assets to a bank?
You still didn't answer my question of whether they can tap retirement accounts or pensions.
I did, but it was in an edit.
You would likely have a warrant for tax evasion. If your doing this I assume you would be doing it for enough for the irs to take notice.
You likely will laugh at it but I have worked with clients that went to jail over willfully not paying taxes. We were hired to go back and fix things after they were caught. Smallest amount was over about a million in taxable income, about 300k in tax.
You would likely have a warrant for tax evasion. If your doing this I assume you would be doing it for enough for the irs to take notice.
You likely will laugh at it but I have worked with clients that went to jail over willfully not paying taxes. We were hired to go back and fix things after they were caught. Smallest amount was over about a million in taxable income, about 300k in tax.
Britts chased us across the pond for taxes once.
They’ll chase you back the other way too
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They’ll chase you back the other way too
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Could you drain you get away with it? Maybe.
Is it worth ****ing with in my eyes? Likely not but it might be for you.
Is it worth ****ing with in my eyes? Likely not but it might be for you.
So you're telling me the 10 year statute is a lie?
Sleek: should you respond I'll read it tomorrow. Gotta run now.
So you're telling me the 10 year statute is a lie?
Yes an no. If you have any assets that will cover the debts they will take them long before the 10 year rule runs out. It’s also not 10 years from the day it’s due. It’s 10 years after the assessment or end of payment agreement. So easily could be 13-16 years later.
However for example the guy that makes say 30-40k a year, doesn’t file taxes works for only cash owns nothing will not qualify for social security. owns a $500 car he would be considered judgment proof and they would give up trying to collect after 10 years as it’s a waste of resources to try to get money from someone that they physically can’t.
The irs however would never go after that guy as it wouldn’t be cost effective. His tax would be 5-8k and it would cost more than that to get it.
Change that to a w-2 employee instead of cash worker and the irs will go after them as they will garnish their wages and it will cost them almost nothing to collect.
Yes an no. If you have any assets that will cover the debts they will take them long before the 10 year rule runs out. It’s also not 10 years from the day it’s due. It’s 10 years after the assessment or end of payment agreement. So easily could be 13-16 years later.
However for example the guy that makes say 30-40k a year, doesn’t file taxes works for only cash owns nothing will not qualify for social security. owns a $500 car he would be considered judgment proof and they would give up trying to collect after 10 years as it’s a waste of resources to try to get money from someone that they physically can’t.
The irs however would never go after that guy as it wouldn’t be cost effective. His tax would be 5-8k and it would cost more than that to get it.
Change that to a w-2 employee instead of cash worker and the irs will go after them as they will garnish their wages and it will cost them almost nothing to collect.
I upped our percentages significantly early in 2020. Since then we had a kid she enjoys buying things for
Sorry but not my area if expertise. But: It is safe to assume that the IRS can seize any assets that it wants.
Bank accounts, insurance policies, real estate anything with a registered title or deed or transaction through a regulated entity is easy for them to confiscate.
You could liquidate your tax deferred accounts but you will take a massive tax hit in the process.
I think that is a key point and something to bear in mind. Also, renouncing one's U.S. citizenship might be an interesting ploy as well. Not sure how taxes would work there, especially if some of the assets were already held in foreign countries.
Like you stated earlier the amount of tax owed has a lot to do with whether the IRS will bother chasing you down. I know their whistleblower program has a threshold of minimum amounts owed before they will pursue the offender and give you a percentage of what they can get back. Also, the IRS cannot seize monies received from Social Security Disability payments.
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