Are you struggling with IRS letters? You’re not alone, there are over 14,000,000 people in united states struggling with the same problem. The problem is that most people avoid the issue and think it will magically disappear, but it doesn’t. The problem gets bigger and more expensive. If taxpayers would just file their taxes on time, they could avoid these issues all together. While you leave the mail unopened hoping for a miracle, IRS is racking up penalty and interest fees and laughing all the way to the bank.
There are a lot of ad’s flying around saying you can settle with IRS for pennies on the dollar, but they are not true. Only .5% of cases are excepted for Offers in Compromise. These are rip-off companies trying to steal your hard earned money. Their are certain requirements that qualify you for Offers in Compromise, not every body gets approved.
Another big issue with tax payers not filing their taxes is as soon as you owe IRS, there is already a tax lien against you for all of your assets, including future assets. It is referred to as the silent lien, it arises automatically by statute if a tax liability is assessed. They can and will go after your bank account, anything you own with equity and could include the home you live in (rarely happens but it can).
Another thing that happens when you don’t file your tax returns is that IRS creates a return for you based on form’s received by them in your name. These are called “SFR” Substitute for Returns. The IRS calculates your SFR based on 1099’s, W-2’s and deducts only the standard deduction. If you had and credits due, or are in business with expenses and business credits, you will lose all of those deductions and owe way more than you have to.
If you had a refund coming and you didn’t file your return for more than three years, anything over the three year limit is disqualified and you lose your refund. So avoiding, is not a good idea, can cost you thousands of dollars of your hard earned money.
We look at your situation and figure out what IRS will except for the best solution to save you the most money legally possible.
As an Enrolled Agent I can help you work with IRS. If you would like to see how we can help save you money, call us at 618-932-2000, or e-mail us at taxresolution@cmwtaxservices.com today.
