MrPink
Contributor
Alright, so I figure all the true tax nerds/gurus etc.. are really busy right now, but am going to post this anyway...
A friend (lets call him Ted) of mine has not reported taxes in years. Ted has been working various construction jobs and has been paid under the table. However, Ted has not been saving for retirement (and can't work construction forever) and since he has not reported taxable income in years am assuming that he won't be able to claim social security.
What would be the proper way to fix the situation or what would do to pull yourself out of this hole?
I think you would have to come clean with the IRS, but wonder what the ramifications would be (lets say he owns 50k in back taxes)...
A friend (lets call him Ted) of mine has not reported taxes in years. Ted has been working various construction jobs and has been paid under the table. However, Ted has not been saving for retirement (and can't work construction forever) and since he has not reported taxable income in years am assuming that he won't be able to claim social security.
What would be the proper way to fix the situation or what would do to pull yourself out of this hole?
I think you would have to come clean with the IRS, but wonder what the ramifications would be (lets say he owns 50k in back taxes)...
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