Back Taxes Accountant Service

Haven’t filed income tax returns with the IRS in the previous years or maybe you have tax liabilities from the past that haven’t been paid? If so, that dark cloud looming over you will follow you wherever you go, getting blacker and darker with every misstep. The only way to relieve all that pressure and stress so that you can finally see the light of day again is to go ahead and completely resolve the issue with the IRS. 

At this point, you need a trained professional to get you out from under the grasp of the IRS. Here at Real Tax USA, our team will seek to reach a resolution with our back tax services in order to secure the most favorable outcome possible for our clients….saving them both time and money!

What Are The Penalties For Unpaid Back Taxes?

You can’t just sweep late filings, failure to file, or owing taxes from previous years that haven’t been completely paid under the rug. These tax issues don’t just magically disappear. Instead, the penalties and interest on the original amount owed will keep adding up until you end up with a completely overwhelming tax bill. You will just be digging a bigger hole. 

Also, if you were owed a refund and didn’t file taxes, you could miss out on that refund altogether. Generally, after a three year period, you can not claim a refund.

The sooner you resolve these issues with the IRS, the better off you will be. That’s why back taxes accountant services by a tax professional are so beneficial because they can save you time during the resolution process which in the end will save you money.

Back Tax Filing Process

What You Should Do Before Filing

The back tax preparation process is more complicated than just filing normally on time. There is a lot more backtracking and trying to pull together years of documentation. 

First, you need to download all the tax forms for the years you have not filed. Back taxes need to be filed on the forms that correspond with that particular missing year. 

Next, you need to collect all supporting documentation such as W-2’s, 1099s, etc. for those corresponding years. You will need to request any missing information. Include any additional income like assets sold that you may not have any documentation.

Finally, strongly consider getting a tax specialist for your back tax preparation. It’s too easy to overlook deductions and credits when doing your own taxes, not to mention when dealing with multiple years. You need someone who stays up on all the tax laws and changes from year to year. 

There are also payment plan options or penalty reliefs available that you may not be aware of and miss out on. Chances are, you may spend way too much time doing all of this research yourself when a tax expert could just crank it out. Remember, at this point, time is costing you money as tax penalties and interest continue to accrue. 

What Options Do You Have?

The best option is to file your back taxes and pay what you owe in one lump sum if at all possible to alleviate all of your tax problems. If not, there are some other options such as an IRS installment plan and something called an Offer in Compromise. You have to meet certain requirements for both. It takes someone very knowledgeable who offers back tax services to work through this process, especially the latter.

The IRS payment plan or what’s also known as the IRS Fresh Start Program allows you to make payments to the IRS over time to settle your accumulated tax debt.  Based on your tax situation, Real Tax USA will help you determine if you qualify for the payment plan and will lower your taxes and penalties. 

IRS Form 9465, which is an official installment agreement request, must be filed with the IRS in order to initiate the payment plan. A tax representative or Enrolled Agent can contact the IRS and help set up the installment payments if you qualify.

There’s also another way to reach a tax settlement with the IRS. This is called an Offer In Compromise which is basically a deal with the IRS. This option lets you pay a portion of what you owe while ultimately wiping the bad debt off your record. Your case has to be presented before the IRS by proving that you don’t have the resources to pay the entire amount of back taxes. This is a pretty complicated process and you would be better off having a tax specialist or Enrolled Agent represent you.

Contact Real Tax USA For Back Taxes Help

Real Tax USA knows how stressful and difficult it is to rectify unfiled taxes and back taxes owed. Contact them to assist you in resolving the tax issues and represent you before the IRS. Let them offer their back taxes help and deal with the process directly so that all that will be required of you is your verification and  signature on various tax forms. Real Tax USA offers some of the most thorough back tax services in NYC.