Failing to file your taxes can have serious consequences, including fines, penalties, and even criminal charges. If you have multiple years of missing tax returns with balances due, it’s important to take action as soon as possible to get back into compliance with the IRS.
A tax professional firm can assist you in several ways when you have multiple years of missing tax returns with balances due.
First and foremost, a tax professional firm can help you file your missing tax returns. They can assist you in gathering the necessary documentation and information to complete your tax returns. They can also help you calculate the taxes you owe and the interest and penalties that have accumulated.
Additionally, a tax professional firm can help you negotiate a payment plan with the IRS. The IRS offers several payment options, including installment agreements and offers in compromise, which can help you pay off your taxes over time. A tax professional firm can help you understand the different options available to you and work with the IRS to create a payment plan that fits your budget.
A tax professional firm can also assist you in identifying potential tax savings opportunities, such as deductions for expenses or credits that you may be eligible for. This can help you reduce the amount you owe in taxes, interest, and penalties.
If the IRS has already initiated enforcement action against you, such as wage garnishments or bank levies, a tax professional firm can help you stop the enforcement action and negotiate a resolution with the IRS. They can also help you appeal any decisions made by the IRS and represent you in court if necessary.
In conclusion, if you have multiple years of missing tax returns with balances due, it’s important to take action as soon as possible to get back into compliance with the IRS. A tax professional firm can assist you in several ways, including filing missing tax returns, negotiating a payment plan, identifying potential tax savings opportunities and stopping enforcement action. Hiring a professional can be beneficial in avoiding penalties, fines and legal action and also in getting the best possible outcome.