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How do I go about disputing income tax owed to the federal government from a business I had for only a short time.
Buffalo, NY
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Posted 10 months ago in Tax
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Back in 2007 I got into a business venture which was a huge mistake. Only three months later after problems with the company I worked with I was breached out of the business deal. Over the course of 2007/2008 they claimed they I still ran and owned this business accruing significant amounts of money and the IRS thinks I owe them for about $350,000 in unpaid income. My question is how do I resolve this matter with the IRS. The business was only operated for about three months and now their claiming I operated it for almost two years and obtained significant amounts of income when in reality I only lost a lot of money with this completely failed business attempt. This all happened in New York State. Any help would be greatly appreciated, this is such a nightmare and I need help.
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Answers (1)
Thuong-Tri Nguyen
This attorney is licensed in Washington.
Posted 10 months ago.
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If the IRS thinks that you have "about $350,000 in unpaid income", you should retain an attorney. Besides the IRS, you will be hearing from the revenue department in your state.
If you were "breached out of the business deal", you may have claims against other persons. Depending on your specifics facts, the solution to your problem may be very simple. Or, it may be that, even though you received no actual income, from the structure of the business, income is imputed to you. You likely have been getting notices from the IRS. Generally, there is only a short period to respond to those notices. You should not delay in getting a local attorney to go over your situation with you. |
