Filing your taxes is never a fun thing to do, but the IRS will come calling but if you don’t file them at all. They have unbridled power to file a return on your behalf in their, not your, best interest.
They have powerful collection tools and an unforgiving nature that makes this one of the worst mistakes anyone could make. Getting on their bad side is pretty easy and having several years worth of unfiled returns only adds fuel to the fire!
The IRS is always on the lookout for taxpayer’s who haven’t filed legally required income or payroll tax returns. If you have unfiled tax returns, it’s only a matter of time before they find out and demand the return, their money, and additional penalties and interest! When it gets to a point where the IRS contacts you, the amount they claim you owe will be far greater than the amount you actually owe if you haven’t filed. You don’t want this situation and unfortunately in these circumstances the amount they claim you owe is what you will have to pay unless you prove otherwise.
Before we jump into it, if you have back tax debt or years of unfiled tax returns, reach out to our firm today 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 longer you wait, the worse the situation will become.
Here are some important steps you can take if you have unfiled returns with the IRS:
1) Get Your Documentation
If you’ve been neglecting your taxes for too long, it’s time to take care of things. An experienced tax resolution firm can help get things back on track and oftentimes, even if the records are missing or destroyed, there are alternative methods to reconstruct your tax return. However, only a tax resolution professional will be able to accomplish this.
If you are missing W2 and 1099 forms from past years an experienced tax resolution pro has the ability to retrieve these as well.
2) Go Through the Numbers
The fear of not having the money to pay has caused many people to avoid filing their returns altogether, but those worries are often misplaced. According to the IRS statistics approximately one-third (34%) of all unfiled federal tax forms may actually be due a refund! Now that you have all the documentation you need, it is time to run the numbers. And while you may not be able to get exact figures without filing the returns, you can get an idea of how much you might owe.
3) Hire a Certified Tax Resolution Specialist
Whether you are an individual, partnership, or corporation there is a strong temptation to let your past mistakes go. But doing so would put both you financial security and freedom at risk – which makes filing those old tax returns seem like tempting fate instead of bravely taking on the challenge ahead! It is a misdemeanor and possible jail time for failing to file legally required income tax returns. Don’t let this happen to you.
The IRS will assess a 25% failure to file penalty, up to a 25% failure to pay penalty, plus ongoing interest. Just filing your return, even if you can’t pay, will save you big time!
When you’re dealing with back taxes, it’s important to have someone on your side who knows what they are doing. A Certified Tax Resolution Specialist (CTRS) can give invaluable advice and guidance about how to lower the amount that the IRS claims you owe and the best steps moving forward for your situation.
You’re not alone in the battle against the IRS. The IRS is ready and waiting for you, so it’s best to have an expert on your side who knows how to provide the help you need and deserve.
A Tax Resolution Specialist can give advice about what needs to be done, from gathering documents like W-2’s or 1099’s, reconstructing allowable deductions, down to making sure everything looks perfect when filing those unfiled returns.
Contacting the IRS on your own is not only a scary thought, it’s highly not recommended, but avoiding them will make your situation even worse. When you don’t file your taxes and lose track of what’s owed to the government it can have devastating consequences for yourself both personally and financially. The IRS stores detailed records of everyone in their database, and chances are that you are already on their radar due to your lack of compliance.
Filing those returns ASAP will go miles in helping you get back on track before any more damage becomes irreversible. Filing your taxes might seem like a daunting task, but there is help for you. The right professional can make things right with the IRS and relieve the stress from this difficult situation.
The stress of not filing taxes can be enough to make you lose sleep and IRS problems often affect all aspects of one’s life. Do yourself and your sanity a favor by filing your returns now; it isn’t nearly as scary or daunting as receiving the final collection letter from the IRS or getting your bank accounts levied.
If you are looking for tax relief, we can help! Our firm specializes in tax problem resolution and will help ease the stress from your situation. We serve clients all over the United States so don’t hesitate to reach out. If you want an expert tax resolution specialist who knows how to navigate the IRS maze, reach out to our firm and we’ll schedule a no-obligation confidential consultation to explain your options to permanently resolve your tax problem.