Unfiled, Back Tax, Past Due Tax Returns – How to file and settle with the IRS – Former IRS Agents can save you money 1-866-700-1040
There are millions of taxpayers with unfiled, past due, and back tax returns. The figures of unfiled, past due or back tax returns are close to 20 million non filers and maybe more.
What is unusual about this number is the fact that many of these taxpayers actually want to get back in the system but are afraid to and do not know how to do that without the ire of the IRS and the fear associated with that.
Our firm, Fresh Start Tax LLC specializes in this process and want to explain the process. It is much easier than you think.
IRS is not always the beast they are made out to be.
The filing of the unfiled, back or past due tax returns.
The first part of the process is getting your tax records together. The majority of those taxpayers in this position of unfiled, past due, late, or back tax returns do not have their information to prepare their tax returns. They have been lost, they have moved and they are poor record keepers.
IRS keeps on file the last seven years worth of income information. A simple request can be made to the Internal Revenue Service to receive income information. That is a starting point and from there most taxpayers can simply reconstruct their expenses.
Most professional preparers can easily aid and assist the clients/taxpayers once they have received the income source information. Building the expenses part is relatively simple.After preparing thousands of tax returns a solid tax professional should have no problem in tax reconstruction.
A Key Point.
Being a former IRS agent it is very important to remember when you are preparing these unfiled, back or past due tax returns that the returns must make sense.
A good standard or bar that I used as a former agent was the fact that 4 things had to match up and make sense;
1. Tax Return
2. A financial statement
3. Bank Statements
4. Cost of living for the area the taxpayer was living.
In a nut shell, the taxpayers living expenses should be reflected in the bank deposits on a financial statement and the total income explain on the Adjust Gross Income on a tax return.
The Settlement with the IRS.
The IRS has a new program they are currently administering called the Fresh Start Initiative or Program.
To settle your tax debt case with the IRS, the Service will look at two primary factors. Income and assets.
IRS will conduct a thorough investigation after a form 433 OIC is filed with the IRS.
I do not recommend anyone file a offer in compromise without professional help. I have worked offers in compromise for over 38 years . It is an art and a professional talent to get an offer accepted.
However for those do it your selfers out there, IRS will want the value of roughly 90% of your assets and and excess income over the national standard. IRS uses a multiplier of either 12 or 24 depending in the settlement structure.
Call us today and learn more about IRS tax debt settlements.
We are compromised of Board Certified Tax Attorneys, CPA’s and Former IRS Agents.
Call us at 1-866-700-1040
Unfiled, Back Tax, Past Due Tax Returns – How to file and settle with the IRS – Former IRS Agents can save you money
