Have Not Filed Back Tax Returns in Years – Call Us – Ft.Lauderdale, Miami Affordable Experts

by Fresh Start Tax | Oct 9, 2013 | Back Taxes, Tax Relief

We are a local  South Florida tax firm that specializes in AFFORDABLE IRS representation.
If you have not filed your back tax returns in years, we can file all your back tax returns and work out a payment agreement or tax settlement with the Internal Revenue Service.
If you are going under a current economic tax hardship the IRS may be able to place your case into a currently non-collectible status if you qualify.
The process is simple and worry free
I am a former IRS agent in teaching instructor who worked out of the local South Florida offices. Our firm has over 206 years professional tax experience, over 60 years of working directly for the Internal Revenue Service and we have worked right here out of the local South Florida IRS offices as agents, managers and tax instructors.
If you have not filed your back tax returns you are not alone. There are millions upon millions of taxpayers who failed to file their back tax returns but by not doing so taxpayers do themselves harm.
Problems for Non-Filing
1. criminal problems,
2. losing their Social Security and Medicare benefits while others are
3. actually losing money the IRS would be refunding to you because of withholding in tax credits.
 
The process to get your back tax returns filed with the Internal Revenue Service is very simple and if you’re reading this you’ve already taken the first step to make that happen.
If you need to file back income tax returns but you have lost your tax records, a good tax firm should easily be able to assist you in this process.
As a former IRS Agent, while with the IRS, we were flooded with this request from scared taxpayers just wanting to do the right thing, but not sure on just how to do it.
Here is how the process of filing your back tax returns works.
1. The taxpayer/business/corporation  should to the best of their ability reconstruct what they think their tax earnings were for each year. They can do this simply by using a monthly average for each of the years.( both income and expense averages)
As an example, how much was one month of your rent or mortgage, your car expenses, your food, your insurance etc. Arrive at a monthly figure and multiple it by 12. As a general rule your rent or mortgage is usually about 28% -33%monthly expenses.
2. If you have bank statements, what were your total deposits for the year?.  That maybe a start of your income.
3. Call the IRS and ask them for an income report record of all third parties that have reported to the IRS. By calling the IRS and asking for income transcript that does not alert the Internal Revenue Service.
They simply have a process to forward you all your income information without learning any agent to pick up the phone and call you. Thousands of requests come in every day so do not expect to be a target of the call.
The IRS keeps on their computer system a list of all third party sources that have reported 1099’s, W-2’s other persons or companies required to report your incomes.
The IRS will send this to you within a couple weeks of your request.
4. Ask yourself, does this tax return make sense? If it does not make sense to you it probably will not make sense to the IRS.
5. The Internal Revenue Service will want to make sure your financial fact patterns tie together.
They want to make sure your bank statements, your tax returns, your financial statement, in your cost-of-living all have a pattern.
Simply by backing up into your cost of living one can simply find out how much income you need to pay those expenses.  If your bank statements do not equal your total income found on your tax return there should be a good and reasonable explanation why.
The IRS knows how much it costs to live in each area of the country. There are national averages at can be found on the IRS website.
The tax return must reflect your living style and conditions over the period of time in which you are filing.
It is always best to let a professional tax firm handle this situation. The professional firms know the standards and the methods used by the IRS and if you owe tax, they can probably work out a tax settlement as well.
Not sure if you were suppose to File?
If you are not sure you are required to file a return, refer to Publication 17, Your Federal Income Tax. If you are required to file a return, but you cannot pay all of the tax due on your return, FST can be able to assist you with establishing a payment agreement or tax settlement.
If your tax return was not filed by the due date (including extensions of time to file), you may be subject to the failure to file penalty, unless you have reasonable cause for your failure to file timely. You may be eligible for abatement of penalty relief.
There is no penalty for failure to file if you are due a refund.
But, if you wait to file a return or otherwise claim a refund, you risk losing a refund altogether.
An original return claiming a refund must be filed within 3 years of its due date for a refund to be allowed in most instances.
You can lose possible tax refunds and believe it or not millions of taxpayers leave thousands of dollars on the table.
After the expiration of the three-year window the refund statute prevents the issuance of a refund check and the application of any credits, including overpayment of estimated or withholding taxes, to other tax years that are underpaid. You can never recover this money.
The statute of limitations for the IRS to assess and collect any outstanding balances does not start until a return has been filed. The normal  statute of limitation on collection cases is 10 years from the original date of assessment.
There is no statute of limitations for assessing and collecting the tax if no return has been filed. There is also no statute for fraud.
Contact us for a free initial tax consultation and we can help you through this process.
We can file all your back tax returns for the years you have not filed back tax returns and workout tax settlement if you are going to owe money.
Stop the worry and call us today.
 
Have not filed Back Tax Returns in Years – Call Us – Ft.Lauderdale, Miami Affordable Experts