What do you do if you have never filed a tax return and owe back taxes?
There are several things to do. After years of experience working at the Internal Revenue Service I have dealt with this situation thousands of times. First of all, most people want to get back in the system and do not know what to do to get there. Follow this advice. Get current in the situation you are in. If you are an employer, start making current payroll tax deposits. If you are a sole proprietor, make an estimated tax payment. If you are a wage earner, make sure you have enough withholdings taken out of your check. The next step is to get all your tax returns prepared by a professional company, so you can get the lowest possible tax due to the Internal Revenue Service. It should be noted that a number of our clients we have seen over the years DO NOT owe tax because they have had the proper withholding taken out and simply do not owe any money.
The next and most important step if you owe tax is to find out what your exit strategy will be. You MUST sit down with a professional and find the area that the IRS will attack. Their mission is for you to liquidate all assets immediately and set up a payment plan. There is room for tax planning so that the IRS will not strip you of all your assets.
Prepare to have a federal tax lien filed and/or your pension plan or 401 hit.
We can really help these situations. The proper planning is necessary to ensure the best results for you to move forward.
About Fresh Start Tax
Call, Chat, or Email us to schedule a FREE CONSULTATION with Expert Tax Attorneys or former IRS agents who can help you with your specific IRS tax problem such as Unfiled Tax Returns, IRS Tax Levy, and IRS Tax Settlements. Fresh Start Tax, LLC., is an IRS Tax Specialty Firm with over 205 years combined IRS tax experience and who has offices located in South Florida since 1982.
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