Tax stimulus rebates 2008? What does a disabled or senior citizen need to do to receive it?
January 23, 2009 by Tax Blog
Filed under Questions & Answers
trengen2 asked:
Does the disabled person need to file a tax return in order to get the tax rebate? He usually doesn’t file income tax in the past, because he only receives disability payments as the only source of income.
Does the disabled person need to file a tax return in order to get the tax rebate? He usually doesn’t file income tax in the past, because he only receives disability payments as the only source of income.
How closely does the IRS monitor your bank accounts when you’re in Currently not collectible status?
January 22, 2009 by Tax Blog
Filed under Questions & Answers
Rickenharp asked:
My $50K back tax debt to the IRS has been classified as currently not collectible for the past two years. I recently won a Disability settlement from Social Security and received a check for 4 1/2 years of back SS Disability payments (FYI: I am no longer disabled and am now working part-time). What I wanna know is, can I open a new bank account (I don’t presently have one) and deposit the lump-sum SSA check without having some kind of alarm go off at IRS HQ which results in their hoovering that account dry the second it clears? I fully intend to use a big chunk of the money to work out some kind of payment or offer in comprimise plan with them, but I need to be able to use some of it for urgent medical, dental and other essential expenses (such as a good tax attorney) first. Any information and or suggestions would be greatly appreciated. Where possible, please cite references, regulations, IRS publications, etc. so I can make sure I have my facts straight.
My $50K back tax debt to the IRS has been classified as currently not collectible for the past two years. I recently won a Disability settlement from Social Security and received a check for 4 1/2 years of back SS Disability payments (FYI: I am no longer disabled and am now working part-time). What I wanna know is, can I open a new bank account (I don’t presently have one) and deposit the lump-sum SSA check without having some kind of alarm go off at IRS HQ which results in their hoovering that account dry the second it clears? I fully intend to use a big chunk of the money to work out some kind of payment or offer in comprimise plan with them, but I need to be able to use some of it for urgent medical, dental and other essential expenses (such as a good tax attorney) first. Any information and or suggestions would be greatly appreciated. Where possible, please cite references, regulations, IRS publications, etc. so I can make sure I have my facts straight.