Dealing with IRS Tax Returns that are PAST DUE
Do you have past due taxes that need to be filed or paid? – We can help.
The least complicated way to do your taxes is yearly, paying or collecting at the time of filing depending on your tax situation. We know there are many reasons why people cannot or do not file, but whatever the reasoning – the outcome ends up the same. The IRS believes that you owe them money and they will do what they need to do to collect.
The consequences of not filling can be added penalties that just keep piling up, interest added, and in cases where tax evasion is provable you are looking at potential jail time and a felony charge.
It is better to file and not pay right away than not to file at all. You may not realize it but if you don’t file the IRS can file for you with a substitute tax return. Because they are not you and do not know your entire situation their version of this could be inaccurate and cost you even more money as an overstatement of your tax liability.
If this has happened, you can request that the IRS reconsider the -initial assessment by filling out and giving them a tax return with more accurate numbers included. It is up to them if they accept the replacement or not. It may come with an audit.
If you know you have returns that are past due it is important to work with a tax attorney such as those at Babbitt Tax Law in Bonita Springs, Florida. You need to get them filed as accurately and quickly as you can before the IRS acts against you. If they see you are actively taking steps to work towards filing the penalties may be less harsh.
Refunds due: If you filed taxes and found refunds to be due, you only have three years to claim the it or it becomes property of the Treasury and will likely not apply any credits to other tax years.
We know that not being able to pay large amounts of back tax owed scares people off from deciding to get matters taken care of but there are ways to resolve tax debt if you just work with our office and IRS attorney Todd D. Babbitt. We may be able to settle your debt through an installment payment agreement, offer in compromise, or currently not collectible.
If you have problems with unfiled or past-due tax returns, Naples and Fort Myers IRS Tax attorney Todd D. Babbitt can get them sorted. Contact him today for a free consultation about your past due tax returns problem. www.babbitttaxlaw.com to learn more or call 239-300-9492.