Past Due Tax Preparation

Non-Filer? Filing Late?

If you have not filed various tax returns, we can help. While filing these returns may be daunting, it is crucial that they are filed correctly and promptly. If you intentionally fail to file a return, the Criminal Tax Division may get involved claiming a willful attempt to evade taxes. It is one thing to have a civil tax matter where penalties are imposed for late filing…but it is extremely worrisome to face a potential criminal tax matter. Consequently, it is very important you come into compliance immediately and file all missing returns.

Typically, if a taxpayer does not file and the IRS is looking for the return, a “substitute for return” will be filed.  This is an arbitrary return that is prepared by the IRS and used to assess tax against the taxpayer.  The “substitute for return” is based on income information provided by your employer or payers, which was submitted to the IRS.   This return does not include any special deductions or credits you may be entitled to and is typically a very high yet conservative assessment made by the IRS. Usually, if the taxpayer submits an actual return, this amount will be drastically reduced.

Typically, if a taxpayer does not file and the IRS is looking for the return, a “substitute for return” will be filed. Once the substitute for return becomes a valid assessment, the IRS may take enforced collection action against the taxpayer such as issuing a levy on wages or garnishing bank accounts. To get the levy released, the taxpayer must file all returns immediately. If the taxpayer does not have the tax information for past due years, we can obtain this information from the IRS within 24 hours.

Having trouble locating old tax information? 

Don’t worry. We will order your wage and income transcripts from the IRS and advise you on how to reconstruct your records to the best of your ability.  It’s important not to delay with filing late returns as a non-filed return can lead to serious criminal tax implications.

First, we will request your wage and income transcripts from the IRS to see what income has been posted to your account from employers/payers.  Then, we will discuss how much you think you made that year and carefully ask questions to make sure your return reflects economic reality.  For example, if you are self-employed and had some business expenses, then you should be able to deduct these on your return.  Though you may not be able to locate the receipts, there may be other ways these expenses can be substantiated.

Many taxpayers worry to much about locating the missing information and continue to delay the filing of these returns.  It is always better to file with the information you have and to the best of your ability than to continue to delay filing.

Please contact our office if you would like us to prepare past due returns on your behalf!

WHAT TO BRING TO TAXFIRM.COM

  • Wage information statements/ W-2s
  • Self- employment business income & expenses/ 1099- misc
  • State or local taxes paid
  • Commissions (tips) received/paid
  • Pension, retirement income/ 1099-R
  • Unemployment income/ 1099-G
  • Canceled Debt income/ 1099-C
  • Social Security income/ SSA-1099
  • Statements on the sales of stocks or bonds/ 1099-B
  • Interest and Dividend Income/ 1099-INT/ 1099-DIV
  • Lottery or gambling winnings/losses/W2-G
  • State refund amount/ 1099-G
  • Rental Income & expenses
  • Alimony paid or received
  • Records of purchase for sale of residence (HUD-1 statement)
  • Medical & Dental expenses
  • Real estate & personal property taxes
  • Estimated taxes or foreign taxes paid
  • Cash & non-cash charitable donations
  • Mortgage or home equity loan interest paid/ 1098-INT
  • Un-reimbursed employment-related expenses
  • Job-related educational expenses
  • Educator expenses
  • Tuition & Education fees/ 1098-T
  • Student Loan interest/ 1098-E
  • Casualty or theft losses
  • Child care expenses & provider information
  • Documentation of Dependent’s social security numbers and dates of birth
  • Last year’s Federal & State tax returns if you are a new client
  • Health Savings Account/ 1099-SA
  • IRA contributions

See More From the Tax Blog

TRUSTED TAX RELIEF SINCE 1990

Have a balance due? Contact us to discuss your options:

Our Team of Highly Trained Tax Professionals is waiting to assist you with your late filing. Call us now for a free consultation at 1-800-777-3800 or fill out the form below & a tax professional will be with you shortly

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