Quote:
Originally Posted by Locke
I know taxbuster (great guy) but Tax Debt is just the worst. Its almost a literal implication of The Simpsons "No! Dig UP stupid!" joke.
Because you have to earn more to pay it but as you earn more you're digging another hole simultaneously that you're going to have to earn more to dig out of and rinse and repeat.
I've seen it happen multiple times and it is heartbreaking. Because generally, its just normal every-day people, often who just started a business, who got a little behind because starting a business is hard, and then the fees, interest, penalties and fines add up and its just becomes a Hamster-Wheel.
So as much I'd love to help you taxbuster, I think your friend/client is going to need a bankruptcy trustee and a good lawyer more than Tax guys like us.
|
Yep! I examined the file....did a few very rough calculations based on the info the individual gave me in a convo and said..."I'm sorry to be the bearer of bad news, but....".
Not my first rodeo with this kind of situation, although it's not a regular thing. Better that the person deal with all of it via a Trustee and have it in one package. One year, mostly likely, and they're done and out.
Interestingly, most post-bankrupts, when interviewed, say they waited too long.