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Old 03-08-2016, 07:30 PM
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Hello all;

I have a problem only I seem to be able to get myself into. 4 or 5 years back I loaned out cash to employee's at local factory. I didnt expect it to be much but I had a rather large settlement check from a accident and our town in very very small so I knew most everyone. Anyway, to make the boring part shorter. The company ended up writing me a total amount of $85,000 in checks. So they send me a form whatever it was? And on this form it has the $85,000. So it looks like I worked there and made that much. But in reality, 80% of the $85,000 was already my money. I made 20% interest on loans. So while it may look like I made $85,000, I didn't. So here the tricky part. I didn't know I needed all these licenses and stuff just to borrow ppl money? Heck, here on the Reservation there is plenty of loaning money and charging much higher then 20%. Anyway, my 19 kid goes out to get the last check because I didn't want to do this anymore and was out of town. I had heard I needed all these forms and fee's and that was enough for me, So when the handed the paperwork they asked what name should the put on it and he said him. So long story short, the are coming after him for not paying income tax on $85,000 and have been for 3 yrs. He hasn't don't anything beause he's scared and he didn't want me to get into trouble and have my former coworker try and take money away thinking I made over the monthly allowed. So today he found out the IRS is keeping his income tax of $7000 for he and his wife, and also his state income tax. she was living in SD which doesn't have a income tax, well, I guess he would be too. Is there anything I can do to help him? It's so tragic for them. And the income that was actually earned would be less then $22.500 and not $85.000. And of the $22.500, I'm pretty damn sure I got stiffed for at least $3 to $4 grand, and that does not included any expenses period. Here's the bad part. I had everything on a laptop. Just a simple Excel spread sheet that had the names entered and the about owed. After 3 yrs I ended up reformatting and didn't think anything about it cuz I didn't know. Can anyone else me so I can help these kids? Thank you. !!



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Old 03-09-2016, 06:51 PM
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Join Date: Oct 2010
Posts: 5,227
Quote:
Originally Posted by Jackjonesnd View Post
Hello all;

I have a problem only I seem to be able to get myself into. 4 or 5 years back I loaned out cash to employee's at local factory. I didnt expect it to be much but I had a rather large settlement check from a accident and our town in very very small so I knew most everyone. Anyway, to make the boring part shorter. The company ended up writing me a total amount of $85,000 in checks. So they send me a form whatever it was? And on this form it has the $85,000. So it looks like I worked there and made that much. But in reality, 80% of the $85,000 was already my money. I made 20% interest on loans. So while it may look like I made $85,000, I didn't. So here the tricky part. I didn't know I needed all these licenses and stuff just to borrow ppl money? Heck, here on the Reservation there is plenty of loaning money and charging much higher then 20%. Anyway, my 19 kid goes out to get the last check because I didn't want to do this anymore and was out of town. I had heard I needed all these forms and fee's and that was enough for me, So when the handed the paperwork they asked what name should the put on it and he said him. So long story short, the are coming after him for not paying income tax on $85,000 and have been for 3 yrs. He hasn't don't anything beause he's scared and he didn't want me to get into trouble and have my former coworker try and take money away thinking I made over the monthly allowed. So today he found out the IRS is keeping his income tax of $7000 for he and his wife, and also his state income tax. she was living in SD which doesn't have a income tax, well, I guess he would be too. Is there anything I can do to help him? It's so tragic for them. And the income that was actually earned would be less then $22.500 and not $85.000. And of the $22.500, I'm pretty damn sure I got stiffed for at least $3 to $4 grand, and that does not included any expenses period. Here's the bad part. I had everything on a laptop. Just a simple Excel spread sheet that had the names entered and the about owed. After 3 yrs I ended up reformatting and didn't think anything about it cuz I didn't know. Can anyone else me so I can help these kids? Thank you. !!
uNLESS you can resolve your tax problem/ issue with the IRS, then you need to contact the Taxpayer Advocate Service ASAP. TAS employees assist taxpayers who are experiencing economic harm, who are seeking help in resolving tax problems that have not been resolved through normal channels, or who believe that an IRS system or procedure is not working as it should.
You amy contact TAS by calling the TAS toll-free case intake line at 1-877-777-4778 or TTY/TDD 1-800-829-4059 to determine whether you are eligible for assistance.
or you need tiocontact an Enrolled agent or aCPA doing taxes in your local area for professional help



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