Haven’t filed your taxes in years?
You may be missing out on a refund or you could be facing penalties. File your old federal tax returns right away to avoid possible tax liabilities that could include wage garnishment or bank levies.
The IRS Can Take Action
The federal government can levy serious consequences for un-filed taxes like garnish your Social Security or disability benefits or even delay loan approvals from lenders.
The IRS can determine how much you owe
The IRS may also file a return on your behalf using information from your employer, bank, and other sources…resulting in a much bigger tax bill.
What is an Offer In Compromise…
…and how can it help you?
An offer in compromise (OIC) is an agreement between the IRS and a taxpayer that settles the taxpayer’s tax liability for less than the full amount that they owe. In order to qualify for an OIC, you must have filed all of your tax returns and made all required estimated tax payments for the current year. For business owners, you must have made all required federal tax deposits for the current quarter.
If your offer is accepted by the IRS, you may be eligible to pay off your tax settlement with a payment plan of up to 24 months. The IRS will suspend all collection attempts as well.
Give us a call and we’ll let you know if you qualify for an offer-in-compromise.
Be the master of your tax destiny.
Don’t let the federal government decide how much you owe in taxes. Waiting for the IRS to tell you what you owe in taxes for previous years will result in an unnecessarily large tax bill. If that tax bill isn’t paid in full then you will be subject to additional penalties.
Take control of your taxes
The IRS can levy your wages
If the tax bill that the IRS deems you owe isn’t paid in full, you may be subject to a delinquent tax collection process that could allow the IRS to levy your wages, bank account, or even file a federal tax lien against you.
The sooner you file, the more lenient the IRS is
If you get ahead of the problem and file your old taxes, the IRS may allow you to pay your taxes with a payment plan. By partnering with a certified tax professional to fight the IRS on your behalf, you may even be able to reduce the amount of taxes you owe.
Do you need to file prior years taxes?
It’s not too late to file old taxes and avoid steep penalties by the IRS. Let the tax experts at Jay Finn, CPA fight the IRS on your behalf. We have decades of experience negotiating with the IRS to reduce the overwhelming tax burden for our clients.
We have over 37 years of experience successfully negotiating installment agreements and offers in compromise to help our clients take control of their financial destiny and settle their back taxes.
We can help you with: