If you have unfiled tax returns it is best to file your taxes as soon as possible. Should you owe back taxes to the IRS it is best to consult with an IRS debt attorney. If you are unable to prove to the IRS that the non-payment was unintentional, it can lead to a number of consequences. The IRS has the right to seize your assets and garnish your wages to recover the unpaid amount. If you want to file and settle unfiled tax returns with the IRS, consult an experienced IRS tax debt attorney at the Law Offices of Nick Nemeth. We have a team of reputable IRS tax relief attorneys who have successfully helped many taxpayers settle their IRS debts. Continuing the discussion, this blog covers some of the ways to settle unfiled tax returns. Take a look.
1. Offer in Compromise
If you owe the IRS taxes more than you can afford to pay, you may be eligible to settle the debt for an amount less than the actual amount owed. In such cases, you need to apply for an Offer in Compromise (OIC) after checking your eligibility. OIC is a payment plan that requires a taxpayer to pay either a lump sum amount or follow a short term payment plan. Schedule a consultation with one of our tax attorneys to check whether you qualify for OIC.
2. Installment Agreement
Under the Installment Agreement provision, the IRS allows financially-distressed taxpayers to pay their outstanding debts through monthly installments over a stipulated period. If a taxpayer meets the minimum requirements and the IRS is convinced with their reasoning, it would stop all collection efforts, and also eliminate the possibility of wage garnishments, levies or other enforced collection methods.
3. Currently Not Collectible Status
Under the Currently Not Collectible program, the IRS release a taxpayer from paying the unpaid taxes for a stipulated time. The IRS will declare a taxpayer is “Currently Not Collectible” and unable to pay for the stipulated time after receiving certain evidences. It is however a temporary provision that simply buys some time for taxpayers to clear their outstanding tax liabilities.
4. Tax Filing Extension
Tax filing extension helps taxpayers who are unable to file their taxes before the deadline. In such cases, taxpayers can request an extension of the deadline by filling out Form 4868. It is however important to remember that the provision only gets you an extension on the filing date; the date of payment remains the same, which is usually April 17th.
Need Help with Unfiled Tax Returns? Contact Us!
Dealing with unfiled tax debts requires a thorough knowledge of IRS tax laws, which is the core competency of the team at at Law Offices of Nick Nemeth. Discuss your case with an experienced IRS tax debt attorney take the burden of unfiled tax returns off your shoulder. Whether you are looking for an IRS tax relief attorney in Dallas, Texas or any area in Texas, look no further than the Law Offices of Nick Nemeth. For a free case evaluation and consultation, simply call (972) 627-4580 or fill out our contact form and we will take it from there.