Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: peter michaelson who wrote (1057)	4/25/1998 10:26:00 AM
From: Colin Cody	Respond to of 5810

Peter, Sounds like a classic case for some IRS relief. The Congress has made provisions to negotiate DOWN the amount owed when it is CLEAR that they will never get paid in full otherwise. . FIRST ADVICE. DO NOT lend a DIME to the taxpayer. Second find a BANKRUPTCY ATTORNEY who has a SPECIFIC PRACTICE AREA of reducing IRS liabilities. MOST bankruptcies do NOTHING to hold off the IRS, and MOST lawyers have not a CLUE about it either. You might contact a large CPA firm if you know of no Lawyers with the proper experience. The way it works with YOUR OFFER to lend/gift the money is you do the deal FIRST. Everyone gets a hair cut FIRST. THEN you come along and give to the IRS ONLY your money on behalf of the taxpayer, and the IRS seeing that this is more than they'd ever hope to get otherwise, will take your money and let the taxpayer off the hook FOR THOSE OLDER YEARS. This is very tricky, and you don't want to part with your money too soon. You might lose it all and your friend might still owe the IRS (and the creditors) all the money he did before (less of course the amount you paid). Good Luck! Colin