Unfiled Tax Returns

Filing taxes is a legal obligation that all citizens must fulfill, to ensure the smooth functioning of government services and programs. However, life can become complex, and at times, individuals may find themselves with unfiled tax returns. Ignoring this obligation can lead to significant consequences, including penalties, interest, and legal troubles. 

Failure to file tax returns can result in substantial penalties, often calculated as a percentage of the taxes owed. Additionally, interest accrues on the unpaid taxes, compounding the financial burden over time. Furthermore, unfiled tax returns can lead to legal actions by the IRS. The agency has the authority to file a Substitute for Return (SFR) on behalf of the taxpayer, estimating the owed taxes. This calculation tends to be less favorable to the taxpayer, potentially resulting in higher taxes owed. The IRS also has the authority to take collection actions, such as placing liens on property, garnishing wages, or seizing assets, to recover owed taxes.

Also, failing to file means missing out on potential refunds that may be due to the taxpayer, overlooking deductions and credits could lead to financial losses. Unresolved tax issues can also negatively affect credit scores, making it difficult to secure loans, mortgages, or even find employment in certain industries.

If you have unfiled tax returns, you will need to address the situation starting by prioritizing the oldest unfiled tax returns first to prevent the accumulation of more penalties and interest. One must ensure to collect all relevant financial documents, including income statements, W-2s, 1099s, and other necessary forms to ensure accurate and complete filing. You will then need to complete the unfiled tax returns using the appropriate forms and file them.

A tax attorney is a legal professional with experience in tax laws and regulations. Their primary focus is to provide legal counsel and representation in matters related to taxes. When dealing with unfiled tax returns, a tax attorney may be able to help. Tax laws can be intricate and constantly evolving. A tax attorney possesses a deep understanding of these laws and can provide personalized advice tailored to your unique situation. They can help you comprehend your obligations, potential deductions, and credits and ensure your unfiled tax returns are now filed in a complete and accurate manner.

A tax attorney can assist in preparing and filing all your missing tax returns. They can help you gather all the necessary information and documents needed to file these returns, explaining what specific documents will be needed. They can also make sure that the correct forms and type of returns are filed and calculate owed taxes.

A tax attorney ensures that you adhere to all relevant tax laws and regulations. They will guide you through the proper completion of required forms, helping you avoid costly mistakes that could trigger audits or penalties. Unfiled tax returns often incur penalties and interest. A tax attorney can negotiate with the IRS to reduce or waive these charges, helping you alleviate some of the financial burdens. Also, if you face IRS audits, investigations, or collection actions due to unfiled tax returns, a tax attorney can help you navigate these proceedings and protect your rights.

Importantly, a tax attorney can help you negotiate a settlement with the IRS to establish a payment plan or explore other options, such as an Offer in Compromise. An Offer in Compromise is an agreement between the taxpayer and the Internal Revenue Service (IRS) that allows the taxpayer to settle their tax debt for less than the total amount owed. A seasoned tax attorney can play a critical role in assisting taxpayers with Offers in Compromise, understanding the process, and increasing the chances of successful resolution. Finally, in cases where unfiled tax returns lead to legal action or potential criminal charges, a tax attorney can provide essential legal representation, safeguarding your interests and rights.

Unfiled IRS tax returns can cast a shadow over your financial well-being and peace of mind. Engaging the services of a skilled tax attorney can provide a lifeline in these challenging times. From expert guidance and compliance assistance to negotiating settlements and representing you during IRS interactions, a tax attorney can help you untangle the complexities of unfiled tax returns and work towards a favorable resolution.

The attorneys at Premier Legal Solutions bring a wealth of expertise, knowledge, and negotiation skills to the table in dealing with the IRS over unfiled tax returns. If you have unfiled tax returns or are facing action from the IRS over unfiled tax returns, the team at Premier Legal Services, PLLC, are here to help you seek a favorable resolution. Contact them at (267) 245-0649 or info@1lawyer.com for a consultation.