Delinquent Tax Returns

Has it been years since you’ve filed tax returns? While the Internal Revenue Service may have not yet notified you, delinquent taxes will catch up to you sooner or later. And with technology and sharing of information advancing at light-speed, it may be sooner than you think.

The IRS may seek to impose a criminal offense for failure to file past tax returns as required. Even if you do file, the tax returns must be accurate and truthful because, if the IRS detects false returns, a fraud referral to the Criminal Investigation Division will be generated.

The IRS may also create a “substitute return” to establish an account for a taxpayer who refuses or is unable to file a required return. Such a return almost always results in a higher liability than if the taxpayer filed a tax return, because the IRS does not take into account any of the following:

Under certain circumstances, if the Internal Revenue Service hasn’t contacted you already, it may be possible to avoid criminal penalties and file a return that was previously unfiled. Back taxes could still be owed, however, once you file an overdue return.

When you need help paying IRS debt, we can get you current with your tax return filing obligations and then analyze your situation to determine the best course of action for payment and minimize the chance of any criminal investigation. For many taxpayers, this typically leads to an Offer in Compromise.

For prompt evaluation of your case, we encourage you to contact us. You may also call us using our toll-free number at 866.494.6829.

IRS 2017 Tax Deductions

IRS Announces 2017 Inflation Adjusted Tax Benefits

It is hard to believe that we are just two months away from the year of 2016 and as always towards the end of each calendar year the IRS announces next year’s annual inflation adjustments. You can check for more than 50 tax provisions, including the tax rate schedules, and other tax changes for tax year 2017 in Revenue Procedure 2016-55. The tax year 2017 adjustments generally are used on tax returns filed in 2018.