Help with Unfiled IRS and State Tax Returns
If a taxpayer neglects to file their taxes every year, the IRS will file a tax return for them using a Substitute for Return (SFR). These filings usually do not contain many of the tax deductions or credits a taxpayer may qualify for. This also may leave the taxpayer with a tax debt. When the IRS sends a “Notice of Demand for Payment” letter, it is an opportunity for a taxpayer to make arrangements for repayment of the tax debt before any IRS collection actions are taken. If a taxpayer fails to reach an agreement with the IRS, the IRS will commence collections. Strategic Tax Resolution can help with unfiled IRS and State tax returns. We are experienced with the look back periods and how to replace substitute tax returns filed by the taxing authority.
For example, the IRS typically only requires for a taxpayer to file the last 6 years of tax returns. There are a few exceptions but the last thing you want to do is increase your tax debt by filing tax returns that were not required.
The IRS has the authority to take collection actions against a taxpayer’s wages, bank account, property, and assets when a taxpayer has an outstanding tax debt. If the tax debt remains unpaid after notification, the IRS will take a variety of measures to satisfy the debt, including:
Therefore, it is essential that all taxpayers are fully up-to-date on all their filings. Strategic Tax Resolution is experienced with helping different taxpayers, such as W2 employees, self-employed filers, independent contractors, and small-businesses file all past years to lower or possibly eliminate a tax debt.