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If a tax debt is over 10 years old can the IRS keep any tax refunds that you are entitled to?
Wiki User
∙ 15y ago
I agree to the below answer but wanted to add, say for instance, if a taxpayer never files a return the IRS will. A Substitue For Return will be filed and the CSED (Collection Statuatory Expiration Date) is from when the tax is assessed, no matter if its years later.Secondly, if an Offer In Compromise is being deliberated upon, this will suspend you CSED plus 30 days,unlike Currently Non Collectible status which will comtinue the running of the CSED. The statute starts to toll when the tax debt is assessed, not when it comes into existence. So long as you do not agree with the IRS to any other collection period, the IRS has ten years from the date of assessment to take action to collect the tax; e.g., initiate a levy or court proceeding. However many things "toll" the counting of time, so 10 years in IRS legal years, can frequently be much more in real years.
Or keeping your refunds. More information, see the page link, further down this page, listed under Related Links The above makes my head spin! The IRS cannot assess additional tax after 3 years from the date of filing. If you don't file, you are perpetually open..forever. Toll he statute of time means STOP the running of the clock. They can collect for much longer. Generally, they won't after 7 years from assesment. But tolling, say your not repsponding to a notice they sent (received or not), is part of that, Basically, if you owe the $..ignoring it won't make it go away. Sort of makes sense doesn't it? Or no one would pay!
Wiki User
∙ 15y ago
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Will I be able to keep my tax returns once I'm bankrupt?
I assume you are asking if you can keep your tax refunds and not if you can keep your tax returns. The only case where your tax refunds will be offset and kept by the government is if you owe a debt to any government agencies. This includes child support, federal or state taxes, student loans in default, overpayment of Social Security benefits, unemployment benefits, etc. Basically any debt owed to a government agency will be kept. Debts owed to private companies or banks cannot put a lien on your tax refunds.
When in IRS noncollectable status will you receive tax refund?
Non-collectable status does not mean that you do not have a tax debt and owe taxes, it merely means that at the present time the IRS has deemed the taxes not collectable. At some future time they could always change this status and activate collection efforts against you for taxes owed. While you have a debt owed in back taxes this amount will stay on your account and therefore any refunds you are owed will still be applied to this debt. I have seen people in the past who don't want to file returns or have taxes withheld if they aren't going to get a refund but this is rather stupid as the debt is still their. If you cannot pay it right now at least keep filing returns and let the refunds be applied to reduce your debt. You will be penalized if you don't and your debt will just continue to grow with penalties and interest.
How long does a company have to claim an unpaid debt from me?
It varies from state to state, but generally its about 7 years from the last time the debt was active, but keep in mind if you make any payments on it, the time starts over.
You owe state taxes you had filed jointly if you file separatly this year will they keep both federal returns?
Generally, yes. If the state where you owe taxes has already put in a garnishment request to the IRS, then any federal refunds issued to either of you will be garnished to pay the debt. If you also owe money to the IRS they will keep it first. If you owe money to other agencies, the refund may also be used to pay those debts as well. You can only submit an injured spouse claim to split a refund if only one person owes the debt that is being garnished. If you both owe the debt, then you are both equally liable for all of it.
What if you owe IRS but have a refund?
If you owe money to the IRS for prior years taxes, and you have a refund due to you on this year's taxes, the IRS will keep the refund and apply it towards the debt that you owe.
Will I be able to keep my tax returns once I'm bankrupt?
I assume you are asking if you can keep your tax refunds and not if you can keep your tax returns. The only case where your tax refunds will be offset and kept by the government is if you owe a debt to any government agencies. This includes child support, federal or state taxes, student loans in default, overpayment of Social Security benefits, unemployment benefits, etc. Basically any debt owed to a government agency will be kept. Debts owed to private companies or banks cannot put a lien on your tax refunds.
What has been the trend of the public debt over the past 20 years?
To just keep borrowing more money money and raising the debt level even further into debt.
Can a debt collector ask you to pay for a credit card debt that is more thn 7 years old?
They can ask you to do whatever they want...If you do it, then that's on you. They will keep the debt active on your credit report which resets the clock on the seven years and etc..., etc. etc, to infinity.
When in IRS noncollectable status will you receive tax refund?
Non-collectable status does not mean that you do not have a tax debt and owe taxes, it merely means that at the present time the IRS has deemed the taxes not collectable. At some future time they could always change this status and activate collection efforts against you for taxes owed. While you have a debt owed in back taxes this amount will stay on your account and therefore any refunds you are owed will still be applied to this debt. I have seen people in the past who don't want to file returns or have taxes withheld if they aren't going to get a refund but this is rather stupid as the debt is still their. If you cannot pay it right now at least keep filing returns and let the refunds be applied to reduce your debt. You will be penalized if you don't and your debt will just continue to grow with penalties and interest.
If a sole proprietorship files a chapter 7 bankruptcy can they keep ther truck which is their business?
You need to let your attorney know that you wish to reaffirm the debt on the truck. In order to keep it, you have to remove the debt from bankruptcy protection, keeping in mind, that you can't seek protection from the debt for seven more years.
How long does a company have to claim an unpaid debt from me?
It varies from state to state, but generally its about 7 years from the last time the debt was active, but keep in mind if you make any payments on it, the time starts over.
If you have been married for 5 years what are the spouse entitled to when divorcing?
It depends on the laws of your state. Assuming there are no children involved - just the two of you....generally speaking, what you bring into the marriage, you get to take out of the marriage. If you owned property going in, or if you inherited money, or if you had investments...you keep them. But there may be conditions. If you owned the marriage home when you two got together, but your wife's income contributed to the care, maintenance and improvement - she would be entitled to a percentage of any increase in equity during that five years. She could also be entitled to a percentage of the growth in your investments during that period. But, she could also be responsible for debt incurred during the marriage. Find a good attorney.
Is your child's mother legally entitled to keep your property after you move out?
No.
What was Alexander Hamiltons biggest challenge?
to pay off national debt
How can one remove debt from your credit report?
The easiest way to have debt removed from your credit file is to pay the debt which also show that you can make & keep to payments. You can also negotiate with the company the debt is with to remove this debt.
You owe state taxes you had filed jointly if you file separatly this year will they keep both federal returns?
Generally, yes. If the state where you owe taxes has already put in a garnishment request to the IRS, then any federal refunds issued to either of you will be garnished to pay the debt. If you also owe money to the IRS they will keep it first. If you owe money to other agencies, the refund may also be used to pay those debts as well. You can only submit an injured spouse claim to split a refund if only one person owes the debt that is being garnished. If you both owe the debt, then you are both equally liable for all of it.
Can you give me a copy of the declamation peace entitled keep memory alive?
NO WAY.
