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Over my head in taxes

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  • Over my head in taxes

    So I'm currently trying to help my mother navigate her financial troubles and I'm at a loss. She hasn't filled taxes since 2007 and the irs has been garnishing the majority of her wedges for past 3 years. After learning this news a few days ago we called them and set up a payment plan to reduce the garnishment. We're in the midst of filling her back taxes but she's been taking money out of her retirement to pay for bills and life exspences for years, which has resulted in almost $10-20k a year in additonal taxes. We have yet to finish all the back taxes but we're looking at over a 100k in tax debit. She Is almost at the age or retirement and she's blown through almost all of her savings. I don't know what to do. Reviewing her finances and tax reports from the irs she didn't properly claim her sale of a house back in 08 which resulted in nearly 93k of taxes alone for that year. We are going to file for an adjustment for that year but they are telling us it could take 15weeks to a year to process. What should we do? I just started researching bankrupsty and it seems like the best idea to relieve her financial burdens. Do we have to wait to file all the taxes and for the adjustment before going to a BK lawyer to discus filling?

  • #2
    Bankruptcy is not in the cards at this time.

    1. All taxes must be filed within a very short period of filing bk but, even if she did that. . .

    2. None of the tax years are dischargeable since the returns were not filed either on time or two years before filing bk.

    She really needs to sit down with a good CPA to prepare all returns and amend what needs to be amended. That, IMHO, is the best and only advice at this time.

    Des.

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