Unfiled Tax Returns Hang Over Your Head
Whether you know it or not
If you failed to file your taxes one or more years in a row, the IRS is aware of it, and you can expect them to be in touch with you.
Failing to file your yearly tax return may result in
- Back taxes
- Penalties and fees
- Levies & liens
- Criminal prosecution
The Scammahorn Law Firm can help with all of that.
Scott is an experienced tax attorney able to accept cases nationwide. We’ve helped businesses and individuals file their late returns and lower their tax burdens.
Contact us today to schedule an initial consultation to discuss your unfiled taxes with Scott.
What Happens If You Don’t File Your Taxes
Failing to file your taxes can be charged as a federal crime with up to 5 years in prison and a $250 thousand dollar fine.
The IRS recently began hiring over 30 thousand new agents and support staff to manage their caseload, including unfiled returns that they intend to investigate.
If you owe taxes on your unfiled returns, you’ll face late-filing penalties. Each month, you’ll accrue a 5% fee up to 25% the fifth month.
But it isn’t all bad news.
If the IRS owes you money on your unfiled returns, you may be able to get that return still.
The First Step When You Have Unfiled Tax Returns
The very first step to clear your unfiled tax returns is to file them. This is easier said than done, however.
Depending on how late your taxes are, the IRS may have filed a Substitute for Return (SFR). An SFR is often an unflattering depiction of your income and expenses. The IRS takes no deductions in the SFR.
This means that if you owe back taxes, filing your return may lower the amount, but you need to be careful. The IRS scrutinizes back tax returns more than they do others. An error in one could be devastating.
To file your returns:
- Consult with a tax attorney to determine the best method to proceed
- Prepare your returns and ensure they’re accurate
- Submit your returns and monitor their progress.
If you’re preparing to file back taxes, Scott can help. Contact our offices today to schedule your consultation.
When You Owe Money on Unfiled Returns
If you failed to file your taxes and you owed money to the IRS on those taxes, you’ll likely have penalties and fees tacked onto your debt.
Depending on the original debt, these can be substantial, but Scott is committed to helping individuals and businesses file their taxes and lower their tax liability and seeks a variety of outcomes for his clients.
Properly File Your Returns
When you don’t file your taxes the IRS submits a Substitute for Return. These returns do not include any deductions or credits, which balloons your tax debt. The first step to lowering that debt is filing a correct return.
Offers in Compromise (OIC)
In an OIC, the IRS agrees to settle the debt for less than you actually owe. After filing your back taxes, Scott will look into getting an OIC to lower your tax debt. Unfortunately, an OIC isn’t always possible.
Currently Not Collectible
If the IRS determines that you are unable to pay your debt, they’ll classify your case as “Currently Not Collectible” (CNC). This means that the IRS will cease attempts to collect on the debt.
Levy/Lien Relief
If the IRS has issued a levy on your wages or a lien on your property, it’s possible to get those lifted. Scott has helped individuals and businesses do free themselves of levies and liens, allowing them more freedom and flexibility.
Installment Agreements
If Scott is unable to lower your debt, he’ll work with the IRS to determine if they will accept an installment agreement. This will help you pay back the IRS over time instead of in a single lump sum–something few individuals and businesses can afford.
Penalty Abatement
If you failed to file your taxes, the IRS will issue fees, penalties, and interest on that debt. Depending on the original amount and how long it has been, they may be considerable. Scott will work to get those reduced.
A Track Record of Successful Tax Relief
Scott’s commitment to helping his clients has enabled him to build a track record of success, including:
- A $1.3 million dollar liability reduced to nothing
- A $1.2 million debt reduced to $755
- A $920 thousand debt reduced to $1524
- And more
Schedule Your Consultation Today
Scammahorn Law Fim offers consultations at our Texas offices and online. We accept business and individual clients from around the nation.
Contact Scammahorn Law Firm today to schedule a consultation. Let us help you untangle your unfiled tax returns so you can get back to your life.
