Unfiled IRS and State Tax Returns
Contrary to popular belief, if you missed one or several years of tax returns, whether on the federal or state level (or both), you are not alone. Our experts understand when it is beneficial to file back tax returns, and when it may not be in our clients’ interests. Our understanding of the Internal Revenue Manual allows us to give educated advice regarding the matter.
If we decide that the best option is to file back tax returns, or even to amend previously filed ones, we are happy to refer you to close CPA colleagues who have continuously impressed our clients with efficient and top-rated accounting work.
We understand what filing back taxes will do in all situations. Sometimes the filing will correct a balance in situation where the IRS filed a return on your behalf, called substitute-filed return (SFR). Other situations will result in a new assessment as the IRS did not plan to file on your behalf but a new self-assessed balance is created when the return is filed. Furthermore, penalties and interest will also accrue with the new balances so we are careful to consider all factors before coming to a decision with our clients.
Furthermore, we understand the “red flags” that are associated with potential audits and other assessments. Working closely with accountants and CPAs help us to “clean up” your entire tax-related issues and help prevent triggering events such as audits that may cost you more in taxes and related fees.
