Attention Global Entrepreneurs and Investors! Is the IRS dragging you down? Text “Wealth” to 818-293-4857. Anthony's firm, Parent & Parent LLP can help end your tax anxiety and frustration right now! We do it all so you can focus on better things. 20 successful years experience in tax planning, tax resolution (including audits!), bookkeeping, asset protection, and offshore disclosures/FBAR help. Everything you need under one roof. Thousands helped!
www.irsmedic.co...
In this video, I'll be talking about the 4 things you need to know about filing back taxes with the IRS.
The first thing is that if you don't file your taxes, the IRS will do something called a "substitute for return." In IRS speak, we call this an SFR. With an SFR, the IRS tries to assume the worst tax bill you can imagine.
But an important thing to understand is that when you file a correct return to lower your SFR assessment, what that technically is, is something called an "audit reconsideration." The IRS does give a bit of extra scrutiny to the return processing, so it is important that the returns are done very carefully. When you file past due tax returns, your returns processing needs supervision. Either by you, if you are up for it, or a tax resolution professional.
The second thing is time. Did you know that if you don't file your taxes, the IRS has forever to assess taxes. For example, if you didn't file taxes in 1988, the IRS could, actually file your taxes with an SFR. Now if you do file your taxes, the IRS effectively only has 6 years since your filing date to assess you anything additional.
So what you need to know is, if you don't file your back taxes, you are leaving a potential tax bill open -- indefinitely.
The third thing is time again. If you have a refund coming to you for a tax return, you only have a limited amount of time to claim that refund when you file your return. The 3 year rule works like this:. You can not claim a refund for a tax return that was due more than 3 years ago. So right now it is June 2013. If you tried to claim a refund for 2010 and you never filed a extension. Guess what? If it is after April 15th 2013, if IRS owed you one million dollars they would keep it all. And there is not one thing you could do about it. Or I suppose there is one thing.
The fourth thing you need to know about unfiled tax returns is documents. You may be wondering, well I'd love to file all my old tax returns but I lost all my tax documents. Well, tax attorneys like ourselves have a couple tricks we use to file old tax returns properly. First, we can request any missing tax forms, like W-2s, 1099, mortgage interest statements, from the IRS. Second, if you are missing business records, there are proven, legal ways to recreate documents that will be accepted by the IRS during your "audit reconsideration."
So hopefully you get it now. If you have unfiled returns, act quickly. Don't let missing documents get in the way! All of that can be dealt with totally legally with no problems down the road. Remember, when it comes to unfiled tax returns, the IRS rules are written to favor the IRS. So do yourself the biggest favor you could possibly do today and take action. If you are not sure that you can do all of this yourself and you don't fully understand the rules, hire a tax specialist who knows . If you have been procrastinating --- and you can't quite make any positive action. Here's one simple idea. Give my office a call at 888-727-8796 or shoot an email to info@irsmedic.com and tell my people you watched this video on unfiled tax returns. We'll take care of you and your worries.
Need help with Tax Preparation?
Book a discovery call with the IRS Medic team:
irsmedic.com/prep
Need help with Tax Planning and Strategies?
Book a discovery call with the IRS Medic team:
irsmedic.com/w...
20 авг 2024