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Need opinion re: IRS (ASAP - please ;/

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    #1

    Need opinion re: IRS (ASAP - please ;/

    Hi all,

    I am writing to the IRS to try and get my penalties reduced or stopped (paying on both 2003 and 2004). I will be filing in early October and am wondering if I should include this information or not. On the one hand, I feel I should because it will help my case, but then again, will it be some sort fo red flag? I make VERY little money, but due to no deductions (well, minimal without being dishonest) and SE tax my tax bills are out of hand which has added to my BK decision. Need to get rid of cc debt in order to pay taxes and school loans. Any suggestions appreciated!!
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    #2
    You list the taxes, interest, and penalties on your BK because your required to list all creditors.

    Since you have to pay the taxes anyway, you may want to consider a chapter 13, stretch out the payments made to the IRS over 36 months, and leave 0% to your unsecured creditors (this all depends on your disposible income)

    Or you might attempt a so called chapter 20. File chapter 7 now and discharge all your unsecured credit card debt etc, then after your chapter 7 is discharged, turn around and file a Chapter 13 on your tax debt and pay it through the chapter 13 plan.

    In either event, you should at least be able to stop the intersts and penalties from accrueing.

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      #3
      Hi - thanks for the quick response which was actually quite helpful even though my question wasn't answered - because I did not write it correctly - sorry. What I meant was, in my letter to the IRS should tell THEM that I will be filing?

      As for the "Chapter 20" I will defintiely look into it!

      thanks!

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        #4
        If you are going to be filing BK, why write the letter in the first place. The only thing you can really do with the IRS is work up an offer in compromise (which is pretty much as much work, if not more than filing BK), so I am not sure the letter will accomplish anything in the first place.

        However, if you are going to file BK, I don't really see any downside to telling the IRS, it won't really matter to them until you actually file.

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