P. Diggs-Costen EA, MBA
Haven't filed your tax returns in years?
You are afraid to even deal with the situation. You feel guilty and do not know if you even need to file. The first step is to contact an Enrolled Agent to help you file your delinquent returns. The system is more favorable to voluntary compliance. There is a good chance that you may be due a refund; however, you must request a refund within three years of the due date of the return.
Q. What if I file my tax returns and owe money? Are there options available to me?
A. Yes, there are options available. It is possible that your account can be placed in a non-collectible status if paying would create a financial hardship for you and your family. You can request a penalty reduction if you have reasonable cause for not filing timely. You can request an installment agreement. If you owe less than $50,000 and can pay the full amount within five years, you may be able to set up a streamline payment plan, or you may qualify for an Offer in Compromise and settle your taxes for less than what you owe. All tax returns must be filed before the IRS will consider any of the above options.
Q. What happens if I continue to ignore the IRS notices?
A. Your bank account or wages could be levied. Also, a tax lien can be filed on your assets, and your credit will be negatively affected.
Do not be afraid or embarrassed to ask for help. By law you have a right to professional representation. Only an Enrolled Agent, CPA, or Attorney can represent your case before IRS collections. For more information on IRS Resolution, or filing back tax returns call us at 770-575-9737.