Dealing with a tax problem is a daunting and stressful experience, and finding someone who can provide unfiled tax returns help and guidance can be just as difficult.
Many taxpayers find themselves in this situation due to wide range of reasons, ranging from personal crises to simple oversight.
We deeply understand the psychological burden unfiled tax returns can have on you and this short guide aims to provide comprehensive assistance for those seeking unfiled tax returns help.
Financial Repercussions: The most immediate impact of unfiled tax returns is financial. The IRS may impose penalties and interest on taxes owed, which can accumulate rapidly.
Legal Consequences: Unfiled tax returns can also have legal implications. While rarely leading to criminal charges, the failure to file can result in legal action from the IRS, including audits and liens against property.
Barriers to Future Financial Decisions: Unfiled tax returns can create obstacles in making significant life decisions. Applying for a mortgage, securing a loan, or making substantial investments often require proof of filed tax returns. The lack of this documentation can limit opportunities and hinder life progress.
Psychological Stress: The psychological impact of unfiled tax returns is profound. Many individuals experience constant anxiety and fear of the unknown, particularly concerning potential IRS action. This stress can lead to sleepless nights, strained relationships, and can even affect mental health.
Step 1 – Acknowledge the Issue: Acceptance is the first step towards resolution. Understand that delaying is almost certainly exacerbating the problem.
Step 2 – Gather Your Documents: Start organizing any relevant financial documents. If you’re missing information, a Tax Resolution Expert can assist in retrieving past records.
Step 3 – Consult a Certified Tax Resolution Specialist: Reach out to a professional who can provide tailored advice and representation.
Step 4 – Develop a Plan: Work with your CTRS to create a strategy for filing back taxes. In most cases you will only need to file the last 6 years to get back into the good graces of the IRS!
Step 5 – Address any liabilities or penalties: Once you file your returns you may have additional liabilities from the tax returns. Work with your CTRS to create a plan to address these new issues. You may look at doing something like an Offer in Compromise or Installment Agreement depending on the situation.
Step 6 – Stay Compliant: Once your unfiled returns are addressed, ensure you stay compliant in the future. Your CTRS can offer guidance on how to manage your taxes going forward.