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.

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Why This Should Be The Year You Pay Off Back Taxes

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According to the IRS, more than 13.2 million Americans owe back taxes. The majority of these cases involve amounts that seem impossible to pay off.

That leaves those tax-owing Americans in a difficult position. They want to pay, but they can’t, and the end result is feeling a lot of guilt about the situation. There is no easy way to get out of paying your back taxes. Uncle Sam wants his money, and he’ll get it somehow.

There are steps you can take to find a solution and make 2020 the year you finally deal with your taxes.

Note, we always recommend getting in touch with a specialized Tax Resolution Professional to negotiate with the IRS on your behalf. If you’d like to schedule a no-cost confidential tax relief consultation, contact us here. Contact Us Today.

Why Now Is the Right Time to Deal with Back Taxes

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When DIY Won’t Do:

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3 Times, When Hiring a Tax Relief Professional is the Only Way to Go

When it comes to your money, there’s only one person that truly has your best interests at heart – and that person is looking back at you in the mirror. Handling your own finances and making your own decisions can give you peace of mind and help you avoid a costly mistake.

There is a lot to be said for the do-it-yourself approach to your money, yet the go it alone path does have its limitations, especially when it comes to the IRS and back taxes.

We see clients that have tried to handle their taxes on their own, sometimes raising red flags with the IRS, resulting in audits, or getting hit with a big tax bill they can’t pay. They might setup an installment agreement on their own, but oftentimes, the DIY approach just makes the penalties and interest keep stacking up putting in an endless loop of back taxes. Many of our clients started out by trying to do this on their own or with their current tax preparer.

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What is Currently Not Collectible Status from The IRS?

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Big companies are known for getting all sorts of breaks, but when average people fall behind, they rarely receive help. When you owe back taxes, but can’t afford to pay them, then you may qualify for a special tax status known as currently not collectible.

If you’re approved for currently not collectible status, then the IRS must not only cease its collection efforts but can no longer garnish your wages or seize your property.

Want to know if you qualify for currently not collectible status? Contact our firm for a specific evaluation of your situation.

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