I am a New York City based CPA with over 20 years of experience helping my clients reduce their taxes, sort out tax problems, and found and manage companies. I represent both individuals and small businesses, and I concentrate on bringing late filers up to date. Want to make sure you're getting the best deal on your taxes? Call me for a free phone consultation.
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If you haven't been filing your tax returns, you're in good company-I've met both millionaires and street vendors who owe several years of returns.
But you can't hide from the IRS forever.
In fact, failure to file your tax returns is a criminal offence, and you can be prosecuted and even sentenced to jail for it!
Congress recently allocated more than $1 billion in Federal funding to help the IRS crack down on non-filers.
The most important thing to keep in mind is that it's better to file and owe taxes than not to file at all.
But you can't hide from the IRS forever.
In fact, failure to file your tax returns is a criminal offence, and you can be prosecuted and even sentenced to jail for it!
Congress recently allocated more than $1 billion in Federal funding to help the IRS crack down on non-filers.
The most important thing to keep in mind is that it's better to file and owe taxes than not to file at all.
If the IRS calls to inform you of an audit, ask the agent to put it in writing.
Be polite.
You don't need to give out any information about your taxes or how you prepared them; just let the agent know that your accountant will be handling the case.
Take a deep breath.
And keep in mind that you might not owe as much as the IRS thinks you owe.
If your records are in good order, gather them together and give me a call.
Trying to represent yourself at an audit is like trying to perform your own surgery-it's just not a good idea.
Be polite.
You don't need to give out any information about your taxes or how you prepared them; just let the agent know that your accountant will be handling the case.
Take a deep breath.
And keep in mind that you might not owe as much as the IRS thinks you owe.
If your records are in good order, gather them together and give me a call.
Trying to represent yourself at an audit is like trying to perform your own surgery-it's just not a good idea.
If you owe back taxes, the IRS will charge you both interest and penalties for each day that you haven't paid your debt.
Consider taking out a bank or a credit card loan to pay it off-you'll still be paying interest, but you won't have to deal with the penalties.
An offer in compromise (OIC) is an agreement between a taxpayer and the IRS that resolves the taxpayer's tax debt.
If you can get an OIC, that's great-but keep in mind that the IRS resolves less than one percent of its balance due accounts through the OIC program.
Consider taking out a bank or a credit card loan to pay it off-you'll still be paying interest, but you won't have to deal with the penalties.
An offer in compromise (OIC) is an agreement between a taxpayer and the IRS that resolves the taxpayer's tax debt.
If you can get an OIC, that's great-but keep in mind that the IRS resolves less than one percent of its balance due accounts through the OIC program.
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