The IRS knows that there are over 7 million individuals and businesses with unfiled tax returns. A significant percentage of that number constitutes taxpayers who have not filed returns for multiple years. The IRS is beginning an initiative to target these “non-filers.”
If you come into our Buckhead CPA firm to resolve the problem of missing tax returns for you or your business, we will be sure to discuss with you three key strategies for non-filers:
1.) How Many Years to File? – No matter how many years of returns have not been filed, the IRS only requires you to file six years of missing tax returns.
2.) How are You Going to File? – If you can’t afford to pay your back taxes, consider filing separately from your spouse, followed by an Offer in Compromise. This may save you thousands of dollars, depending on your fact pattern.
3.) Where You are Going to File? – Supercharge your Offer in Compromise for back taxes by filing your state returns first. This, too, may save you thousands of dollars, depending on your facts and circumstances.
Unfiled tax returns are an urgent matter. Especially if you want to stay out of trouble with the IRS.
For an appointment, please call our office at 678-235-5460, or send me an email at Gary.Massey@MasseyandCompanyCPA.com.
Click here to view our recent post!