Which one of you is this? "Owe over $100k US backtaxes. Not sure what to do."

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netbert

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Dec 21, 2011
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Which one of you is this? "Owe over $100k US backtaxes. Not sure what to do."

Which one of you is this? :D

https://news.ycombinator.com/item?id=7789363

Ask HN: Owe over $100k US backtaxes. Not sure what to do.

I did not file for a couple years while doing affiliate marketing. I got an estimated IRS tax bill of well over $100k. After a CPA filing, I still owe over $100k in backtaxes and I don't have it. I emptied the bank account and worked out a monthly plan, but basically the IRS wants all my after tax earnings for 5 years. I'm not really sure what to do now.

I know I deserve snarky you are stupid and you are an idiot comments. I'm wondering if there's anything else I can actively do to lessen the burden, or interest or penalties, or if there is something outside the you're screwed for next 5 years plan. I have already talked to a CPA, but they seem to vary greatly in quality and knowledge. The one I got to file my taxes seemed pretty cookie cutter. I haven't talked to a tax attorney, and considering my stressed finances, I'm not sure if it makes sense to.
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I hate the laugh but this does sound like a WF thread. I love the Governments plan though thats the real kicker. Take everything you make for the next 5 year years...... welcome to working for cash the rest of your life bro.
 
Too easy to get in that situation
 
Also from one of his replies as to where the money went:
I made a multiple of that amount. I thought that the good times would last. They didn't.
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Seems to be a pretty common delusion.
 
Another alternative is going bum mode.

IRS has a 10 year limit to collect back taxes. If you owed a shit load of money and had no assets for them to collect on, then you could just wait it out.
 
erifdekciw said:
Another alternative is going bum mode.

IRS has a 10 year limit to collect back taxes. If you owed a shit load of money and had no assets for them to collect on, then you could just wait it out.
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Only on WF will you find this type of practiced knowledge.

original.0
 
avatar33 said:
Fixed.

The IRS has a long dick and will find your anus even if you're hiding in Papua New Guinea. Giving up citizenship is the only way.
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That depends on how hard you're ballin some people cant afford the St Kitts and Nevis citizen by investment program. Plenty of options for peasants though; protected cell corporations, foundations, trusts, mirror corps, limited partnerships, etc, etc

Here's the former IRS Senior Advisor on offshore matters essentially presenting a blueprint of what the IRS knows and doesn't know.

[ame="http://www.youtube.com/watch?v=ajxRkXxAL0A"]Daniel Reeves: Offshore tax havens and the financial community - YouTube[/ame]

The Financial Secrecy Index

https://www.youtube.com/user/PublishWhatYouPay/videos
 
^^^ I like how the US is a tax haven for foreigners. They don't have to pay any tax on their investments but a US citizen that leaves the US and never comes back still has to pay taxes FOREVER on everything!
 
Never couldn't understand why person who is capable to do affiliate marketing and earn quite nice look for CPA advice for taxes in the first place and pay for it. Maybe it's US style, don't know, but I am all for save money on it and DIY (after not-so hard learning work)

p.s. it's offtopic, but still
 
^ The Main reason is because in the US school system kids aren't even taught how to balance a checkbook...let alone know how to do and file taxes...
 
$100k in taxes and hasn't consulted a tax attorney yet? That's the first fucking thing he should've done. Working out a payment plan with those cocksuckers may have fucked his chances for an offer in compromise for 25% of the total tax bill. I have no fucking idea why people still think the government is there to help them.
 
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