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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Hereford on October 31, 2008, 12:01:05 PM

Title: Decker
Post by: Hereford on October 31, 2008, 12:01:05 PM
Got an IRS question dude,

So around here they are always running these ads on the TV showing sucessful professionals talking about "I owed 60K to the IRS and settled for 58 bucks!!!!"

You do IRS law, yes? How do people get away with this? Why would I pay 30K when the IRS would (according to these ads) take a fraction of that?

Is it a process akin to going thru bankruptcy?
Title: Re: Decker
Post by: Decker on October 31, 2008, 12:05:08 PM
Got an IRS question dude,

So around here they are always running these ads on the TV showing sucessful professionals talking about "I owed 60K to the IRS and settled for 58 bucks!!!!"

You do IRS law, yes? How do people get away with this? Why would I pay 30K when the IRS would (according to these ads) take a fraction of that?

Is it a process akin to going thru bankruptcy?
These people negotiated a settlement with the Service.  Depending on the facts and circumstances, some sort of reduction of the outstanding liability happens.

Remember these people owe not just the back tax plus interest but penalties too.

The Service can always say "no" but they want something rather than nothing and these people getting the settlement generally show cause for reduction of payment, i.e., they are broke.
Title: Re: Decker
Post by: OzmO on October 31, 2008, 12:08:54 PM
These people negotiated a settlement with the Service.  Depending on the facts and circumstances, some sort of reduction of the outstanding liability happens.

Remember these people owe not just the back tax plus interest but penalties too.

The Service can always say "no" but they want something rather than nothing and these people getting the settlement generally show cause for reduction of payment, i.e., they are broke.

Someone told me once that these outfits are like accident lawyers and end up charging people tons of money for what most CPA's can do for much less.  It that true?

I hear and ad for outfits like these on the radio at least once every half hour.
Title: Re: Decker
Post by: Hereford on October 31, 2008, 12:09:11 PM
So I could just say "Nope, I be broke.... Here's 2000 bucks, take it or leave it..." And that works?

What are the personal implications of this?
Title: Re: Decker
Post by: Decker on October 31, 2008, 12:14:08 PM
Someone told me once that these outfits are like accident lawyers and end up charging people tons of money for what most CPA's can do for much less.  It that true?

I hear and ad for outfits like these on the radio at least once every half hour.
I've never had to negotiate a settlement for a client. 

I'll tell you right now.  Most lawyers are buckets of shit.  They can't be trusted and they gouge their clients.  Unfortunately you always gotta watch your back.

So it wouldn't surprise me if some of these empty suits are sticking it to their clients.
Title: Re: Decker
Post by: Decker on October 31, 2008, 12:29:42 PM
So I could just say "Nope, I be broke.... Here's 2000 bucks, take it or leave it..." And that works?

What are the personal implications of this?
You have to not pay your taxes.  You then receive threatening letters while penalties and interest accrue and you risk prison.

You won't come out ahead.  Someone having their tax bill dropped from 100k to 50k is still 50k in the hole which represents an amount likely to be substantially more than the original tax bill amount.