If you haven’t filed a tax return in several years, you are not alone. While there is very little data available on the actual number of non-filers, some experts have estimated the number may be as high as five million. There are many reasons why individuals do not file tax returns; most of them are the result of a personal crisis of some sort that affects their ability to gather the information for the return and/or pay the resulting liability.
Since the IRS normally takes months and in some cases years, to track down and contact a non-filer, the non-filer sometimes mistakenly believes that they are in the clear. But while the IRS may move slowly, eventually they will locate the delinquent filer. If you are a non-filer, you do not want this to happen. It is far better for you to file the returns before the IRS contacts you about them.
You need a strategy for filing late returns. Because once a return with a balance due is filed, the IRS will expect immediate payment. But there are ways to manage the process, and I can assist you in this. If you would like to schedule an appointment to discuss your situation, call 601-829-3453 today. The first meeting is free and you are under no obligation to continue with me. I’ll give you my assessment of your situation and you can decide what course of action to take. You can also contact me through this website, by clicking here.
Been Assessed A Penalty?
In 2010, the IRS assessed over $37 billion in civil penalties against taxpayers. Many people mistakenly believe that a penalty assessment from the IRS is final and must be paid. However, the IRS does make mistakes in assessing penalties and these penalties can be abated under certain circumstances, provided the taxpayer properly requests abatement. If you have been assessed a penalty, I will be happy to review the facts surrounding the penalty to determine if you should request abatement. Call me at 601-829-3453 or click here to schedule an appointment.
Can't Pay Your Taxes?
There are many commercials on TV and radio today for firms that claim they can settle your tax liability for less than the full amount. I often get questions from people who want to know if this is actually possible. The short answer is yes, it is possible. However, these commercials leave the impression that settling a tax liability for “pennies on the dollar” is commonplace. In practice, it is not. The process for settling a tax debt in this manner is called an Offer in Compromise, and only a small number of taxpayers with few assets and limited income will qualify for an OIC. A more likely scenario for taxpayers who cannot pay their taxes immediately is an installment agreement. I can assist you in evaluating your situation to find a manageable solution to your tax debt. Call 601-829-3453 or click here to schedule an appointment.
