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Unfiled Tax Returns
Do you have past years tax returns that you have failed or forgotten to file? There are many reasons why someone may fall behind in paying their taxes- health issues, job loss, divorce, financial difficulties, etc. In cases like this, your tax problems may seem insurmountable and the temptation might be to not file and hope that the IRS doesn’t notice. However, this is about the worst thing that you can choose to do. Not filing a tax return is a federal offense. Eventually, the IRS will catch up to you and they can impose substantial fines and penalties. It can even result in jail time.
There are much better options for solving your tax problems than not filing your returns and hoping it all goes away. First, it is crucial that you get current by preparing and filing your tax returns. Furthermore, it is very important that you do so in an accurate manner as the returns will be examined closely by the IRS. We can assist you with preparing and filing your returns and then determining an appropriate course of action for settling your tax liabilities with the IRS. Under certain circumstances, you may be eligible for tax relief via methods such as an Offer in Compromise or an Installment Agreement.
Whatever your personal or financial circumstances might be, if you have unfiled tax returns, it’s vital that you catch up on your obligations in order to avoid or minimize IRS penalties. Contact us for a free consultation and we can help you to chart out the best course of action for settling your debt with the IRS.