Back Tax Returns

Have you filed your tax returns every year, but not paid all the tax you owe? Maybe you just didn’t have enough money at the time and planned to pay more later. Unfortunately, the penalties and interest that are added to back taxes greatly increase how much you will ultimately owe the government. If you are delinquent on your taxes and haven’t yet heard from the IRS, you soon will. The IRS may place a lien on your property or a levy on your bank accounts or wages. The potential damage from unpaid back taxes can be financially ruinous, but it is often avoidable. We can help you assess your tax debt options and negotiate a workable payment plan with the IRS. Unpaid back taxes is a problem that rarely goes away on its own. Contact us today and resolve your tax liability issues.

There are many reasons why taxpayers do not file their Tax Returns.  Sometimes life happens, records are a mess, records are lost, or you plan on doing it tomorrow, but tomorrow never comes.

The most common is that people don’t file their Tax Returns because they know they owe taxes and can’t pay.

Regardless of the reason, not filing a required return is serious business for the IRS.

Be assured, the IRS will take any collection action to collect their taxes.

We Can Help – read on …………..

How long am I liable if I haven’t filed tax returns in past years?

At least six years, and possibly forever. While the government has only six years from the date the non – filed return was due to criminally charge you with failing to file a tax return, there is no time limit for collecting taxes and assessing financial penalties for not filing. It is not until you actually do file a return that the audit time limit — three years — and collection time limit — ten years — starts to run.

As a practical matter, however, if you haven’t heard from the IRS in six years, you don’t need to worry too much about taxes owed on a non – filed return. The IRS usually doesn’t go after non – filers after six years — unless the IRS begins its investigation before the six years elapsed and you owe a large amount of taxes. After six years, the IRS frequently purges its computer files.

What happens if you do not file a back tax return?

It’s important to understand the ramifications of not filing a past due return and the steps that the IRS will take.

Taxpayers who don’t file a past due return are subject to the following:

  • Penalties and Interest will be assessed and will increase the amount of tax due.
  • The IRS will file a substitute return for you. But this return is based only on information the IRS has from other sources.
  • Thus, if the IRS prepares this substitute return, it will not include any additional exemptions or expenses you may be entitled to and may overstate your real tax liability.
  • Once the tax is assessed the IRS will start the collection process, which can include placing a levy on wages or bank accounts or filing a federal tax lien against your property.

Do not be left in the hands of IRS to file your back tax returns. 

Get Filing Back Taxes Help.

If the IRS filed your tax returns thru SRF, call us today to immediately correct the situation.  If the IRS filed your tax return, we can file correct returns and correct the misstated tax liability.

When the IRS prepares your tax return, the general rule of thumb is that overstatement of tax is at least 5 times of the total tax.  In some cases, taxpayers never even owed the tax.

We can fix your back taxes problem. By filing corrected tax returns to lower and adjust the overstated tax and work out a tax settlement that you can live with.

Not only will we reconstruct your tax return, but we will also work out a settlement agreement with the Internal Revenue Service if you owe them back taxes.

Lost Tax Records
The Process of Filing Back or Unfiled Tax Returns:

We use the following process to reconstruct your Tax Returns:

  • We verbally review a year-by-year history of your income and expenses.
  • We review any records you may have.
  • We pull all IRS information that they have received from 3rd party sources that have been placed on the IRS computer system over the past 7 years.
  • If you have lost your records, we have easy and simple forms that can help reconstruct your tax return.
  • We can prepare through years of experience, a “reconstructed” tax return that the IRS will accept and process.
  • We review all returns for accuracy with the client and send them to the IRS.
  • If you owe, we work out a settlement agreement with the IRS to permanently close your tax case.

Today is the Day to Get Back on Track with the IRS. 

Schedule an Appointment Today.