There is no single answer to the question posed above. Perhaps the most useful response is that the best option is the one in which you clear your tax debt in the shortest amount of time with the least amount of financial hardship.
Is there a statute of limitations on IRS collection of taxes?
For nearly every legal action, there is a point after which the case cannot be pursued. This is called the statute of limitations. Under Minnesota law, the shortest period of time in which a civil case can be brought is two years. The shortest period for criminal cases is three years. There is no statute of limitations in cases of murder.
To avoid costly IRS audit, respond to pings from ACA exchange
The failure of the new Congress and administration to fulfill on the pledge to repeal and replace the Affordable Care Act undoubtedly leaves many with "question mark" text bubbles dancing in their heads. Republicans in Washington say the issue is not dead, but for now, the existing law remains in place.
The possible effects of an audit on a small business
More often than not, experiences with the federal government’s tax collecting arm are not pleasant; either because the IRS believes that a small business owner is cheating Uncle Sam out of money, or business owners feel as if they are unfairly singled out because of their success.
I'm a 'responsible person.' What might that mean re: Taxes?
Being a responsible person is a good thing. Of course, there are two sides to every coin and the same applies when using this term. In terms of the IRS, carrying the responsible person label in a role associated with a Minnesota business can mean significant headaches for you in the event of a dispute over taxes.
You receive an audit notice: what could be the reason?
Getting an audit notice can be extremely stressful, especially if that audit could potentially result in some sort of liability. To the best of your knowledge, you and your accountant did everything accurately so you worry about why the IRS has asked for an audit.
