Just heard from IRS. Our 2010 tax return was audited and they are requesting nearly $11,000 in back taxes, penalties and fees.
Will talk to the accountant who prepared the return tomorrow, but in the meanwhile I'm in a panic.
Back story: Filed chapter 11 in July 2010 (too high debt to qualify for 13 & income too high for a 7). Confirmation hearing Feb 2012 (big delay due to real estate loan being resold & property re-valued). Will make payments twice a year with first due this month. I filed alone (spouse fortunately not tangled in my financial stupidity), however, we still file jointly (best tax rate) with the return corrected for % of income earned by each wage earner/% income within and outside of BK.
Has any of you been in this position and successfully defend their return?
Any thoughts on how payments would work out? Installment payments are allowed, though not sure how low they could go. I do not have enough income after chp 13 payments & legal fees (paying monthly towards balance), but my spouse could help, though I am the larger earner and the tax liability - if real - would be mine.
Will talk to the accountant who prepared the return tomorrow, but in the meanwhile I'm in a panic.
Back story: Filed chapter 11 in July 2010 (too high debt to qualify for 13 & income too high for a 7). Confirmation hearing Feb 2012 (big delay due to real estate loan being resold & property re-valued). Will make payments twice a year with first due this month. I filed alone (spouse fortunately not tangled in my financial stupidity), however, we still file jointly (best tax rate) with the return corrected for % of income earned by each wage earner/% income within and outside of BK.
Has any of you been in this position and successfully defend their return?
Any thoughts on how payments would work out? Installment payments are allowed, though not sure how low they could go. I do not have enough income after chp 13 payments & legal fees (paying monthly towards balance), but my spouse could help, though I am the larger earner and the tax liability - if real - would be mine.