Back Taxes Explained And Resolved By Joe Mastriano, CPA.
Back taxes are commonly referred to as tax debt. They are actually unpaid amount of taxes that has been assessed against a person (taxpayer) by the Government. The IRS tax debt refers to the federal income taxes that are outstanding. These taxes are assessed when a taxpayer does not file their tax return, or when they do not make payment for the taxes that are due. Generally, back taxes can be referred to as the taxes that taxpayers owe to the Government from previous years. Most of the time, the balance due will include penalties and interest if it was not paid when they were due.
If you have back taxes then I would advise you to make sure that you resolve these issues as soon as possible. Do not delay, you are likely to suffer liens and levies on your assets, as well as other consequences. Hire an experienced certified accountant for your defense advisor.
Reasons Why Back Taxes Accumulate
- The taxpayer may not have known that he owe taxes to the IRS.
- The tax payer may have received wrong information.
- There are some people who try to evade taxes.
- There are also some people who do not file tax returns.
- Trouble with prior tax consultants.
How Can You Resolve Back Taxes?
The easiest and the quickest way to resolve back taxes is to file and pay your taxes when they are due. If you file and/or pay late, you need to pay the tax amount that is due, along with the penalties and interest that has been charged. You can also apply to have penalties removed. See the “free advice’ tab on this site for more information. You may seek a levy release of your joint bank statements.
When Can I Request A Payment Plan From The IRS?
You can generally request for a payment plan from the IRS, if you can not pay the back taxes in full. Before you request a payment plan, you should first calculate how much money you will be able to pay to the IRS every month. Please see the “free advice” tab on this site for details on what you must do before notifying the IRS to make arrangements for a settlement.
You don’t have to hide from the IRS. Contact a negotiation specialist today, to see what options we have to help you start resolving your tax problem. With over 30 years of experience, knowledge and solutions, we can handle anything the IRS has thrown your way. Call us NOW at (713)774-4467 to solve any IRS dispute.
Dealing With IRS Back Taxes
Do you want to settle your back tax debt with the IRS? The IRS is moving full force to collect millions of dollars in unpaid taxes. If you haven’t filed or paid, they will eventually catch up to you. You will over pay your tax debt if you rely on the IRS for advice. Most all taxpayers are forced to rely on the assistance of an experienced, knowledgeable CPA representative. Some people consider enrolled agents, financial analyst , or lawyers to fix their IRS situations. Our CPA firm has the strategies and paycheck protection secrets that will make us the fighter of your choice.
Various Reasons For Unpaid Past Due Taxes
- Family Health Problems
- Relationship issues such as divorce or separation.
- Loss of job or income.
- Failure to understand filing and paying of tax rules.
- Not understanding how much interest and penalties add up when taxes are late or unpaid
- Fear of filing since you know you owe a lot and/or haven’t filed a few years. This is very common.
- Fear of telling the IRS where you bank, work or where your assets are.
- You hope the IRS will never find you, or find out your delinquency.
- You were waiting for a notice of intent to levy.
Fear no more. After 1,000′s of IRS cases, we know how to stop them from seizing anything of yours, while we resolve the situation. We can negotiate a settlement more to your advantage, then you can on your own. We can negotiate tax settlements better than being represented by some inexperienced trainee of the largest nationally recognized non professionally licensed, T.V. advertised firm.
IRS Back Tax Facts & Beliefs
- People feel that if they didn’t hear from the IRS in years, everything is O.K. In fact, the 10 year statue of limitations on collections only starts when a return is filed. We have clients still paying on years from the early 1990′s. Filing a bankruptcy or offer in compromise and leaving the country can each extend the 10 year period. The period doesn’t even start till the IRS assesses the tax! So the time period may not be up yet! The good news is that we can get a record of account showing the history of each year, WITHOUT alerting the collection division.
- All letters from IRS need to be resolved immediately.
- Contact from the Criminal Investigation Division requires response from a CPA or an Attorney. An Attorney is only needed when you know that they are gathering criminal evidence against you. Early in 2011, I convinced Criminal Investigators to drop their case on two separate taxpayers, after one hour on the phone. Before you let law firms scare you into giving them a huge retainer, contact us first! We want to be your legal representative.
After Filing Back Taxes For You And Your Companies
You can seek the following solutions….
- An offer in compromise (OIC)
- A trust fund reduction.
- Release of wages garnished by IRS collections.
- Release of a bank seizure.
- An installment agreement.
- Reduction of your tax assessment due.
Without Filing All Of Your Delinquent Returns, You Can Still Handle Legal Issues, With the Service Concerning….
- Audit reconsideration survival.
- Solutions for tax years audited, including an appeal.
- Non filer, auditing issues concerning receipts and substitute for return.
- Audit trigger discussions, timing and tips concerning audits and their rules. Other getting audited.
- Injured spouse settlements, audit proofing and other ways to defend and beat the IRS.
- Expatriate overseas issues.
