Tax season is an extremely stressful time of year for most people. On top of our regular work and personal schedules, we need to gather financial documents, receipts, and expenses from the past year to get the most out of our tax returns – or at least minimize the amount we need to pay. The stress and anxiety of this process can be all too overwhelming, and an estimated 7 million Americans fail to file their taxes each year.
For the IRS, those unfiled tax returns add up to approximately $28 billion in lost revenue, which, as you can imagine, the government doesn’t like. If you’re in that unfortunate group of 7 million who hasn’t filed in a while, the IRS could target you by preparing substitute income tax returns and proceed to collect the erroneous tax due. However, you don’t need to live in fear. Let our tax resolution expert at Inside Out Tax Resolution Services help get your missing returns filed and get you into a competitive resolution so you can get your life back on track.
What Happens If You Don’t File Taxes
The first thing that happens when you miss the filing date is the IRS will launch a systemic examination into your current earnings. The IRS will then prepare a document called a Substitute for Return, or SFR. This document essentially functions as a stand-in for your tax return, where they will aggregate all of your taxable income that was reported on a W-2, 1099, or any other financial documentation and send you a bill for the full amount owed, without any credits or deductions.
If you are paid under the table, the IRS can even go so far as to audit the companies that you have worked with in order to establish a paper trail and form their case about how much money you should owe. The IRS essentially treats this as non-criminal embezzlement, and they will come after you with every legal tool that they have at their disposal. Most Americans who have failed to file their taxes do not have millions of dollars at their disposal to hire a legal team that can match the IRS’s legal ferocity, so what can you do if you find yourself in this predicament?
How We Can Help
Here at Inside Out Tax Resolution Services, we know how to deal with the IRS because we used to work for them. Our company’s founder, Billy L. Fauller, III, is an Enrolled Agent, Certified Tax Resolution Specialist, and former Revenue Officer, so he knows the IRS inside and out. He can help you quickly and efficiently get to the bottom of your case and help resolve any outstanding tax debt.
If you have any missing or unfiled returns, don’t let the IRS get the upper hand. Give Inside Out Tax Resolution Services a call to get your free 30-minute consultation today. Our leading tax resolution expert will give you the edge in figuring out what your options are and where we can go from here.