Tax Preparation

Individual Income Tax

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Business Income Tax

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Business Payroll Tax

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Late returns

Return filed

Returns not filled

In compliance with the tax authorities

Tax authorities will not cooperate with any tax resolution work

Proceed with tax resolution work

Stop tax resolution work

Return filed

Returns not filled

In compliance with the tax authorities

Tax authorities will not cooperate with any tax resolution work

Proceed with tax resolution work

Stop tax resolution work

The importance of filing all unfilled tax returns

  • Become and stay in compliance
  • The IRS or the state tax authorities will require you to file all tax returns due and be in compliance, before they allow for any tax resolution measures. Also, at anytime during the tax resolution period, you’re are still required to be in compliance, which means you have to be current on filing all tax returns and paying any outstanding taxes.
  • for example, if you owe the IRS $6,000 in income tax and have a plan to pay $100 a month for 5 years, and you do not file your tax returns or pay taxes due in the third year of your plan, you run the risk of having the IRS stop cancel your plan and
  • Avoid tax assessment by the tax authority
  • If you do not file your taxes, the tax authority will estimate (assess) your taxes on your behalf. In most cases the tax amount assessed will be significantly larger than what it really is, had you assessed your own taxes by filing your own returns.
  • Avoid penalties
  • The failure to pay penalty is about 25% in most cases, which can add a substantial amount on top your taxes. Another important reason you want to file taxes timely.

The challenges of filing late tax returns

  • Collecting tax info

When you have several years of unfilled tax returns, and if you do not have an spotless record keeping system, you will find it difficult to collect all the documents you need to complete your returns. Document such as w-2s, 1099, interest statements, mortgage statements and more. Although it is not impossible to collect all the required tax data and prepare an accurate and a complete tax return, it still present a challenge and is very time consuming, the further back you need to go.

  • Time
When you are dealing with a tax issue that are time sensitive, the last thing you have is time. Preparing multiple years of tax returns, especially when they are late and older ones, can take significant time commitment, especially if you do not have the experience of dealing with such returns.
  • Cost

The cost of doing many returns at the same time can be expensive. The same complexity extends beyond the time commitment to the cost commitment.

The options of filing all your returns

  • Use your own tax preparer
Use your own tax professional to prepare your delinquent tax returns. It’s important that you make sure your preparer is aware of your tax default situation, and the time constraints associated with it. You can also try to negotiate the tax preparation costs per return.
  • Prepare your own turn

You can use a self-preparation software that would allow you to enter your tax information into the tax preparation software in an interview style. Of course, doing so, you have to assume the risks that comes with preparing your own tax return. These risks are due lack of or low level of experience in preparing tax returns, especially ones for past years and or the ones that are more complex.

  • Have us prepare your tax returns
As a tax company, our management have prepared tens of thousands of returns of all levels of complexity, covering individuals and businesses of all legal structures and in many industries. Our experience will ensure that your returns are prepared in best way possible, minimizing your tax liability as much as it is possible.

We are experts in preparing tax returns for prior years, even when you do not have the source documents and cannot locate important information. With your authorization we pull and

Contact us as soon as you can

Our consultation is FREE. The sooner we get started the sooner we can get to work for you.

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