Overdue Taxes

If you have overdue taxes or haven’t filed tax returns for several years, don’t worry, we can help! It’s not uncommon that I get a call from someone who says, “It’s been so long since I filed taxes, I don’t even know how many years are missing!? What can I do?” Having unfiled tax returns creates sleepless nights and stress about what the IRS might do. You may read or hear stories about the IRS seizing property, closing businesses or affecting social security. Those are extreme circumstances, generally caused by taxpayers not working in good faith with the taxing authorities to resolve their overdue taxes. It’s always better to file the tax returns even if you can’t pay the balance due.

Call me to schedule a no obligation consultation regarding your overdue taxes. I can answer your questions and help you solve your unfiled tax return problems. I am a CPA serving Raleigh, Knightdale and East Wake County for over 25 years. During that time, I have helped clients file old tax returns and solve tax problems with both the IRS and NCDOR. Tell me about your tax situation and we can work on a plan to get your unfiled tax returns caught up. I can assist with any bookkeeping or organizational help you need to get started. I may be able to get missing tax information from the IRS through “e-Services.” You will be working directly with me, not passed on to an employee.

If you were due a refund you lose the refund after three years for unfiled returns. If you haven’t filed a tax return the IRS or NCDOR may create a return based on the information they have in their files. It’s never a good idea to let that happen. The best solution is to get an experienced CPA to prepare your the tax returns correctly.

The IRS or NCDOR may allow a payment plan or possibly a settlement for less than you owe but before they consider that you must have filed all overdue tax returns. Don’t fall for the highly advertised tax resolution firms that advertise settling for “pennies on the dollar.” Please read what the Federal Trade Commission says about tax resolution firms.

Unfiled tax returns

Common reasons why people don’t file tax returns:

  • Didn’t have the money to pay
  • Divorce
  • Death or serious illness of a family member
  • Missed the filing deadline and were scared to file late return
  • Fear of what government would do if it was discovered returns had not been filed
  • Business Failure.
  • Job loss

Many taxpayers find that the consequences of not filing tax returns aren’t as bad as they thought. Getting started is the hardest part and most people experience relief to be working on the problem.

Why it is important to get caught up on your unfiled tax returns

  • First, the law requires people to file tax returns if their income meets a minimum amount. There are many consequences for not filing tax returns and if it gets serious enough, it can be a felony.
  • It can be difficult for people to live a “normal” adult life with unfiled tax returns. It is likely impossible to get a mortgage, refinance a mortgage, get health insurance through healthcare.gov or financial aid for college.
  • It would be extremely difficult to start a business.
  • Lower stress leads to a healthier lifestyle.
  • It may be difficult to get a passport

Call today to schedule a no obligation consultation on filing your overdue tax returns.