Delinquent Tax Returns
There are many reasons why taxpayers fail to file required tax returns, but whatever the reason, not filing can be a very serious matter. You need a tax consultant. The IRS may construe your failure to file tax returns as tax evasion — a criminal act punishable by a prison sentence for each year a return is not filed. Where do you turn for IRS tax help? Needless to say, it’s one thing to owe the IRS money but quite another to potentially lose your freedom for failure to file a tax return.
The IRS can file “SFR” (Substitute For Return) Tax Returns on your behalf but without your approval. A Substitute For Return is the IRS’s version of an unfiled tax return. Because SFR returns are filed in the best interest of the government, the only deductions you’ll see are standard deductions and one personal exemption. You will not get credit for deductions to which you may be entitled such as exemptions for your spouse and children, deductions for interest and taxes on your home, cost of any stock or real estate sales, business expenses, and more.
Notwithstanding any action by the IRS and no matter how late it may be, you have the right to file your original tax return. However, as you can see, such filings can bring great risk unless properly handled by an experienced tax consultant.
Annual Tax Return Preparation – We also prepare normal everyday annual tax returns along with some extremely complex. Our niche tends to be self employed, small businesses, partnerships, S-corps, C-corps, estates and trusts along with overseas workers, oil and gas, day traders, home flippers, rental properties, bitcoin, qualified opportunity zone investment and so many unique twists in the tax code.
Free Initial Tax Consultation
If you have been contacted by the IRS or your state’s Department of Taxation, or have received tax liens, levies or notices of IRS intention to do so, contact us for a free confidential initial half-hour tax consultation. The Schlichting Group has over 23 years of experience helping people in your position. When people want tax relief coming from professionals, they seek the services of The Schlichting Group.