BACK TAXES OWED TO IRS

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You could be eligible for several tax relief programs. Such as an offer in compromise.

There are several options available to pay your tax bill. We are committed to determining which solution can render the best result while allowing you to pay the least tax possible!

File all tax returns that are due, regardless of whether or not you can pay in full. File your past due return the same way and to the same location where you would file an on-time return.

What to do if you owe the IRS

  1. Set up an installment agreement with the IRS. Taxpayers can set up IRS payment plans, called installment agreements. …
  2. Request a short-term extension to pay the full balance
  3. Apply for a hardship extension to pay taxes
  4. Get a personal loan
  5. Borrow from your 401(k)
  6. Use a debit/credit card
  7. File Back Taxes

Contact El Cid

Protect Social Security Benefits

If you are self-employed and do not file your federal income tax return, any self-employment income you earned will not be reported to the Social Security Administration and you will not receive credits toward Social Security retirement or disability benefits.

Avoid Issues Obtaining Loans

Loan approvals may be delayed if you don’t file your return. Copies of filed tax returns must be submitted to financial institutions, mortgage lenders/brokers, etc., whenever you want to buy or refinance a home, get a loan for a business, or apply for federal aid for higher education.

Substitute Return 

IRS – If you fail to file, we may file a substitute return for you. This return might not give you credit for deductions and exemptions you may be entitled to receive. We will send you a Notice of Deficiency CP3219N (90-day letter) proposing a tax assessment. You will have 90 days to file your past-due tax return or file a petition in Tax Court. If you do neither, we will proceed with our proposed assessment. If you have received notice, you cannot request an extension to file.

If any of the income listed is incorrect, you may do the following:

  • Contact us at 1-818-736-9873 to let us know.
  • Contact the payer (source) of the income to request a corrected Form W-2 or 1099.
  • Attach the corrected forms when you send us your completed tax returns.

If the IRS files a substitute return, it is still in your best interest to file your own tax return to take advantage of any exemptions, credits, and deductions you are entitled to receive. The IRS will generally adjust your account to reflect the correct figures.

Collection and Enforcement Actions

The return we prepare for you (our proposed assessment) will lead to a tax bill, which, if unpaid, will trigger the collection process.

If you repeatedly do not file, you could be subject to additional enforcement measures, such as additional penalties and/or criminal prosecution.

Filed Your Past Due Return

If you received a notice, you should send us a copy of the past due return to the indicated address.

It takes approximately 6 weeks for us to process an accurately completed past due tax return.

STOP IRS DEBT

Many Americans are given tax refunds by the Internal Revenue Service (IRS) every year.

Many people, however, owe money to the IRS but cannot pay the taxes all at once.

So many people think that they can catch up on back taxes owed to the IRS but eventually are wrong.

Unfortunately, life brings unexpected medical problems, costly repairs, legal expenses, or job termination.

You could suddenly find yourself wading in several years’ worth of outstanding tax debts. Or, sometimes, even three to four times the amount you were initially responsible for paying.

This scenario is all too common, and many individuals find themselves trying to paddle against the overpowering current of debt.

Federal tax and how fast penalties and interest can add up on back owed taxes.

You have a choice; you can either pay the total amount you owe, including interest and penalties.

Or you can keep ignoring the IRS notifications. However, more interest and penalties will continue to build on top of your unresolved debts as time passes. Leaving taxes unpaid could create disastrous consequences.

Failing to pay your back taxes could cause the IRS to issue an IRS lien.

The IRS is allowed to place a claim on your assets; this could include your home.

Should you continue to ignore your tax liability or notifications from the IRS?

No, the IRS may seize your property and sell it to square off the debt that you owe. Unfortunately, IRS seizures often come as a surprise and leave unprepared taxpayers without a home, a car, or money.

We have over 12 years of experience in federal and state taxation.

With my extensive knowledge of finance, business, and accounting to your benefit. Sometimes things seem hopeless; however, we can assure you that we will work hard to find a solution to your problems.

I handle every case that comes through my office doors.

I would gladly set time aside to discuss your financial goals or needs. I could be the help you need after dealing with IRS problems or tax debt.