Prior or past tax returns are becoming an increasing problem in this economy. Even if you don’t owe the Internal Revenue Service (IRS) any money and are not required to file, it is a good idea to file the a return or the IRS may prepare a return on your behalf. This can result in tax issues, penalties and fines which can lead to bank levies, tax liens and even wage garnishments.
Whether you didn’t file because you didn’t think you made enough to matter, or you had a personal crisis that pushed filing IRS tax paperwork to the bottom of the list, it is essential to get back on track as quickly as possible. The reason is that the IRS needs your return to assess your taxes. If you don’t file, they will create a substitute return to file for you. While this may seem to get you off the hook, the reality is that the return they file will include all of your income and none of the deductions that you deserve. The result is a severely overstated figure which can accrue penalties if left unpaid.
We can help. Our team of professionals have the knowledge, skills and expertise to help you recreate past tax returns as far back as 1995. When you file the returns for the years you neglected to file previously, IRS taxes can be dramatically reduced, or even eliminated.
If you no longer have your records from that year, don’t despair. The IRS maintains files on every taxpayer and can release your records so we can see exactly what the IRS has on file concerning your situation. Requesting this information will show everything, including 1099’s and W2’s, that was submitted under your taxpayer identification number.
Using technology, the IRS systems scan daily to ascertain which individuals are out of compliance. You may have had a good reason:
- You didn’t know that you had to file
- You forgot to file because of extenuating circumstances
- You thought someone else filed for you
But that won’t matter to the IRS. They want taxpayers to comply with the tax code … period. If they think you are out of compliance, for any reason, they will do whatever they deem necessary to bring you back into compliance. It may start with a letter asking you to file returns for previous years and may escalate to a revenue officer who is responsible for aggressively pursuing IRS taxes.
The good news is that we can file your previously unfiled tax returns quickly. This includes personal and business tax returns, including Form 1040, Form 1065, Form 941, and Form 1120, among others.
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