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SVTPerformance's Chain of Restaurants
Road Side Pub
$94 tax return...
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<blockquote data-quote="sleek98" data-source="post: 16870662" data-attributes="member: 144145"><p><span style="font-size: 13px">So you're telling me the 10 year statute is a lie?</span></p><p></p><p>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. </p><p></p><p>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.</p><p></p><p>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. </p><p></p><p>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.</p></blockquote><p></p>
[QUOTE="sleek98, post: 16870662, member: 144145"] [SIZE=13px]So you're telling me the 10 year statute is a lie?[/SIZE] 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. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
$94 tax return...
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