My (24F) parents (early 60s) both own small businesses and have not filed taxes in ~10 years. The IRS has consistently contacted them and regularly deducts earnings from their paychecks at the store they work at on the side.
My father has tracked all earnings and expenses for his business. On the other hand, my mother has little-to-no trail due to her bipolar and hoarding disorders impacting her organization skills. Any traceable receipts, invoices, or checks sit in piles of boxes filled with trash and cat feces in their house. As you might suspect, these boxes have no chronology.
The lingering tax stress is severely impacting my father. They have enough savings to pay whatever they each owe from the past decade, it’s simply a matter of helping them through the motions.
What routes are there to resolve the situation, especially with respect to my mother’s lack of paper trail? A few thoughts or questions that come to mind:
- My dad could file separately to resolve his tax issues and then focus on my mom
- Are there any CPAs or services trained specifically for people like my mom?
- Is there some sort of exemption my mom could get from the IRS? Or could she pay an over-valued lump sum estimate of what she owes?
Any advice would be appreciated, thanks!
Submitted September 27, 2020 at 08:50PM by mochicorgs https://ift.tt/3cIq9yj
