This is very important—failing to use the right forms can mean having to file again. The IRS instructions will include an address for submitting your late tax return. Unlike most tax preparers, who deal with tax returns only an average of 5 months per year, PTR experts prepare tax returns all year. Here, we’ll explain what happens when you don’t file past years’ taxes—and why filing as soon as possible is always the right choice.
- We work closely with you to address your bookkeeping needs effectively.
- However, the IRS is most concerned with unfiled tax returns from the past six years.
- When Star is not mentoring the Team or preparing taxes, she enjoys camping and other outdoor activities with her family.
In the past five years alone, we have helped more than 700 clients across the country resolve their tax debt through OICs. Read on to discover our full suite of tax relief services or call for your free consultation now. Starlynn is a seasoned Tax Accountant specializing in the Tax resolution Industry.
Back Tax Return Filing
We guarantee our services and will not take on a case that we cannot resolve. Absolutely, these are the most reputable online consumer review sites, and only individuals who have actually used that company’s service can provide a review. An IRS payment plan or installment agreement allows you to repay your tax debt over an extended period. If your assets or income rule out an Offer in Compromise or Currently not Collectible status, an installment agreement may be the best option to eliminate your tax debt.
- These results are not a guarantee of individual results nor are they representative of results from other IRS and state tax resolution programs.
- Efficient and accurate bookkeeping is the backbone of financial stability.
- Arrange a payment plan proactively to reduce interest, penalties and avoid IRS collections.
- We ensure that your financial records comply with regulatory standards, reducing the risk of errors or issues during audits.
These cases are complex and you should never attempt to negotiate a payroll tax liability without representation. Our accounting services are the simple and affordable solution for entrepreneurs. We can help you understand and manage QuickBooks, empowering you to set up processes and grasp day to day operations.
Tax Preparation Services
However, in most cases the IRS will be satisfied when you file the past six years’ tax returns. You’ll need to gather documentation on past years’ income and receipts to support deductions and credits. If you are missing records from previous years, many can be requested from IRS. When we help clients to file past tax returns we use an IRS-approved tool to get industry averages, when records can’t be obtained. By mid-April every year, the IRS requires your return to be filed and any taxes owed paid promptly. You can gain a few months by requesting an extension, but by law, you must file every year.
This is called a Substitute for Return (SFR), and often it will not work in your favor. A substitute filing is an estimate and may be incorrect on many levels. The filing status and tax rates may be wrong; the IRS will often omit dependents, deductions for interest, charitable contributions and business expenses. You can also face a late payment penalty if you owe back taxes, even if you haven’t filed. The late payment penalty is 0.5% of the tax amount unpaid, up to a maximum of 25%. Note that if you are owed money on your unfiled federal tax return, you can only collect a refund if you file within three years of the original tax deadline.
Our Services
In effect, you are countering the IRS’ substitute filing with a more accurate tax return. When done correctly, the IRS will almost always accept the numbers you submit and allow the deductions you claim. As a result, you may find you are owed a refund or that the tax balance due is smaller than the IRS estimated in the substitute filing.
When you have back tax debt, the IRS may legally seize — or levy — any property or right to property you own or have an interest in. They may also apply any future federal or state tax refunds to pay your IRS tax liability. An Offer in Compromise (OIC) is one of the most desirable, and most sought-after outcomes of an IRS tax debt relief negotiation. It’s a form of debt forgiveness and if you’re eligible, an OIC reduces your total tax liability. Successful OICs can result in settlements for as little as 1% of the total back tax debt owed. Rick was a trusted colleague for many years and has continued to provide excellent financial advice and tax services.
Let our team of experienced tax relief experts help you find the light at the end of the tunnel. If you’re confused about payroll, or just don’t have the time, and are looking for someone to partner with to ensure it’s done right and on time, we are your answer. Leveraging advanced bookkeeping tools and technologies, we ensure accuracy and efficiency in managing your financial records. Please feel free to contact us for additional information about our firm and the services we offer, or to make suggestions regarding our website.
Our Offer in Compromise Results
Our team consists of skilled and experienced bookkeepers who understand the intricacies of financial management. We ensure that your financial records comply with regulatory standards, reducing the risk of errors or issues during audits. Outsourcing bookkeeping to us saves you valuable time and resources, allowing you to focus on what you do best—running your business. The IRS allows registered tax preparers, like Precision Tax Relief, to file returns electronically for the three most recent years. Other companies listed on these sites, but that have not paid a fee, are often rated down due to subjective assessment from the editor. Tax relief firms come in all sizes, some with hundreds of employees and others as simple as a single practitioner.
His track record includes helping clients navigate intricate tax laws and resolving IRS disputes. He has a remarkable ability to harmonize robust analytical skills with a compassionate and empathetic approach. His clients consistently shower him with praise for his unwavering dedication and exceptional professionalism.
If a lien has already been applied to your property, you may be eligible for a release, withdrawal, discharge or subordination. If you are contacted by a Revenue Officer, you need expert legal tax representation. The Precision Tax Relief team includes one of the top legal experts representing clients in debt https://accounting-services.net/bookkeeping-garland/ crisis. Precision Tax is helping thousands of people get out of debt with the IRS.Please contact us if you have any questions about our services. Let’s get started today by taking the first step towards tax compliance. We help you set up a process and systems so that it’s simple and easy to understand.
Questions to Ask Before Hiring a Tax Relief Firm
If the IRS determines that you owe back taxes, they will bill you for the taxes owed, plus penalties and interest. The best way to avoid IRS errors on substitute filings is by filing past due tax returns. The time a tax relief company has been in business is important because it is a way to measure their credibility and experience. Tax resolution is a specialized professional service that requires understanding of a dedicated part of tax law and IRS procedures. Companies that can demonstrate an extended track record of strong client service and results can truly be considered credible sources of tax resolution services.