Sometimes, our clients’ tax issues can be resolved by simply filing past due returns. We routinely assist our clients in achieving compliance with the IRS by filing any number of past due returns.
The first question we normally get from our clients in such a case is “what if I don’t have all of my income documentation?”
In most cases, this is not a problem. As part of our tax account transcript analysis, we can also obtain a wage and income transcript. This transcript shows data from information returns the IRS receives such as Forms W-2, 1099, 1098 and Form 5498, IRA Contribution Information. Ordinarily, this transcript can assist us in preparing your unfiled returns
Depending on how many years of unfiled returns you have, we may need to do more than simply file your returns. The IRS generally imposes penalties and interest on tax due from missing returns. In those cases, we would also likely request a penalty abatement for our clients.
It is entirely possible that you are entitled to a refund that you have missed out on simply because you haven’t filed all of your returns! The only way for us to find out is by filing the past due returns.
If you have unfiled returns, call now to schedule a free consultation so we can start you on your path to relief or request a free copy of our book, The Essential Tax Resolution Survival Guide.