Replies to post #17521 on Labor Smart Inc (LTNC)

[DD2Gain]

*** BS and ROTFLMAO!!! ***

Sobe4life said

There is no 10 year $1.65 million installment agreement. 

I don't know if this was made up I only know it will never be proven.

The default collection period for installment agreements is 10 years.

IRS installment agreements have end dates.  The end date is 10 years from when your IRS liability began.

http://www.howardlevyirslawyer.com/2014/07/20/irs-installment-agreement-vs-statute-of-limitations-on-collection-whats-the-impact/


As for the $1.65 million cost for $1.02 million delinquent payroll in taxes:

Per the 2Q

On March 17, 2014, the Internal Revenue Service agreed not to take collection action against the Company for payroll tax liabilities as long the Company remains current and makes monthly installments against outstanding liabilities (“Installment Agreement”). The agreed monthly installments are $5,000 which increases to $10,000 on July 28, 2014 which further increases to $15,000 on July 28, 2016. On the date of the Installment Agreement, the total amount of our federal tax liability was $1,019,923, all of which is included in the Installment Agreement. Interest under the Installment Agreement accrues at 3% plus the published Applicable Federal Short Term Rate (“AFR”) per annum. The AFR as of August 4, 2014 is 0.36% per annum.

($5K x 5 months) + ($10K x 24 months) + ($15K x 92 months) = $1,645,000