What to Do If You Have Unfiled Tax Returns

tax records

No one likes filing their taxes, but not filing them at all is never a good idea. The IRS is a powerful collection agency, and an unforgiving one. Getting on the bad side of the tax agency is not fun, and having years of unfiled returns is one of the worst moves you can make.

No matter what the reason, if you have unfiled tax returns, it is time to rectify the situation. It is only a matter of time before the IRS catches up with you and demands the back taxes paid. Often times, the amount they claim you owe will be far greater than the amount you actually owe and it’s up to you to prove otherwise.

Before we jump into it, if you have a tax problem or years of unfiled tax returns, contact our firm for a consultation. You won’t have to talk to the IRS and our firm can provide the peace of mind you need to resolve your tax issue.

The faster you act, the better off you will be. Here are some key steps to take if you have unfiled returns with the IRS.

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Tax Resolution and Your Finances: What is an Offer in Compromise?

tax compromise

Owing money to the IRS can be frightening to say the least. It is easy to feel helpless in such a situation but you should not let fear and feelings of helplessness freeze you into inaction.

Every day you wait is one more day interest and penalties are accruing, and those charges could balloon your liabilities and wreck your finances. In this article, we talk about 1 of the many options for tax relief out there called an “Offer in Compromise”. Before we jump into it, if you have a tax problem, contact our firm for a consultation.

Read moreTax Resolution and Your Finances: What is an Offer in Compromise?