The IRS Audit Blog

Posts Tagged ‘csed’

Question: Is a California Guaranteed Student Loan subject to a Statute of Limitations?

I’m being harassed for a student loan that is from 1987. The IRS has never attached my tax returns or garnished my wages. Is this debt legitimate?

Answer: All GSLs (guaranteed student loans) are arms of the FFELP (federally funded) and thus have no statute of limitations.

Section 484A(a) of the Higher Education Action provides that no statute of limitations bars enforcement action to collect Federal student loans, including collection by offset, lawsuit, or enforcement on student loan judgments. 20 U.S.C. § 1091a(a). State law that would otherwise limit these actions is superseded by Federal law and cannot bar collection action.

Bill would help youth identity theft victims

(AP:CARSON CITY, Nev.) By the time Carlos Hernandez turned 18, little did he know his credit was trashed. Since the age of 9, he had obtained a mortgage, bought cars, obtained credit cards _ and racked up loads debt. He had a criminal record, too _ not his own _ which kept him out of the Navy.

Do IRS Problems go on forever?

Question: What do politicians mean when they say “It’s time to put that behind us, time to move on…”?

They are always speaking about past sins, often criminal acts, that they don’t want discussed.

Are they speaking about some statute of limitations?

About the feeble minds of the voters?

Or is it the dirtiest kind of rhetorical deception?

If you underpaid your taxes, how well would that excuse work with the IRS?

Answer: It means, go away “little citizen”, we don’t want to listen to your peeves. We know all.

Phillip England and Randall Beckie of Anderson Kill break down how new tax rules might prompt achange in group captive …

We would like to share the following idea from our captive insurance advisory practice. There is more to say about it than space allows here, and you should always consult a professional tax adviser about this and potentially other captive planning ideas.

Tax attorney explains IRS collection statute of limitations

Question: What is the statute of limitations on IRS debt?

Answer: By law, the IRS has the authority to collect outstanding federal taxes for ten years from the date your liability is due.

If you enter into an installment agreement and you cannot fully pay the amount you owe within the normal collection period, the IRS may request you to sign a waiver to extend the collection period. The collection period is automatically extended when a taxpayer files for bankruptcy or an Offer in Compromise.

Usually 10 years after a tax is assessed, a lien releases automatically if we have not filed it again.

Virginia Beach couple get prison time in IRS case

NORFOLK  A Virginia Beach couple who owned several employment placement services were sentenced to federal prison Wednesday after admitting they failed to pay nearly $1 million in payroll taxes.

Do IRS Problems go on forever?