IRS owed taxes
Is it true the Government forgives debt after 10 years? company closed and there is still payroll taxes owed
Terry Says
That’s a tough one. The IRS typically does not go after back taxes after 10 years have passed. But in the meantime, they can put a lien on property or bank accounts. And some debt is never forgiven. For example, student loan debt can be offset by cuts in Social Security benefits down the road!
If it was your company, you can either wait and see — or consider negotiating with the IRS. Trust the advice of your tax advisor but you might want to read this article.
On the other hand, if you were an employee and the payroll tax deposits — including SocialSecurity — were not made, it could impact your ultimate benefits! Go to SocialSecurity.gov and create an account in “my social security” to track your record of earnings. Complain immediately to SS if there are years missing. They will work with the IRS to try to resolve this on your behalf.
