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3 Steps to Deal With Unfiled Corporate Tax Returns

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When it comes to filing your taxes, you cannot take any chances. Since it requires a lot of paperwork and documentation, you need to make sure that you do it on time. However, if there is an instance where you have not filed your tax returns, you need to follow certain steps after that. If these steps are followed properly, it is unlikely that you will have to deal with a problem because of unfiled corporate tax returns . Here are some of the steps you should follow to deal with unfiled corporate tax returns effectively: 1. Contact the IRS To begin with, you need to contact the IRS if you have not filed your taxes. They will do it for you, however, they will charge additional tax for it which you will need to pay. In this stage, you need to have information about your taxes and the ways you will use to pay them off. If you are not sure about what you should do next, you should seek the help of a professional. 2. Retrieve the income records Once you have the basic
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Ways You Can Get Your Asset Released From IRS Tax Levy

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Internal Revenue Service’s (IRS) main job is to get people to pay their taxes. They come up with unique and different ways to settle debts that taxpayers owe to the government. Among the many ways, tax levy is one way IRS get their debt compensated. This involves seizing of property by the government agency. Below are the ways in which you get IRS tax levy freed. The best way to get IRS to release your tax levy is to fully pay whatever you owe to the government. Make sure your balance with IRS is zero You can file a formal appeal within 30 days from the time IRS informs you of their intent to seize your property. The appeal can stop the IRS from levying an asset for some time You can talk with IRS to settle on an installment agreement to pay off your tax debt. You can monthly pay the IRS its debt and at the same, free your asset from their control. The payments will be calculated keeping in mind how much you earn so that payments are doable for you Offer in Compromis
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Taxpayers With Debt Issues Can Make Use of IRS’ Offer In Compromise Program

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If you are facing trouble paying your tax debt, you can heave a sigh of relief as revenue service of the US federal government, Internal Revenue System (IRS) have come up with a program known as Offer in Compromise. You and the IRS can sit down, discuss, and agree on a tax debit that you are able to pay, which is less than the actual debt required to pay. IRS offer in compromise is beneficial for both the tax payer and the revenue service. You get relief from debt burden and IRS is able to acquire whatever it can from the owed tax debt amount. While this program is advantageous for all parties involved, not all taxpayers can enjoy its benefits. IRS does not accept every offer in comprise from the taxpayers as it has its own criteria to judge who is suitable for this program and who is not. That is why it is important for those with tax debts to get legal assistance in this matter.  Some of the advantages you can enjoy as a struggling taxpayer with this program: You can pr
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Understand IRS Debt Forgiveness Program

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What life could bring next is unpredictable. When you fall under such a crisis that you cannot afford to pay the tax debt, the government offers back tax forgiveness . The tax debt of taxpayers is partially forgiven under certain circumstances. IRS decides to forgive the tax liability, only after looking at the payer’s present financial condition. In other words, the IRS cannot collect more than reasonable pay. When any collection action forces you to lose your financial security, the IRS cannot collect the back taxes.  Know What You Owe Before you apply for the IRS program, figure out how much you owe and where you stand currently. This is vital when you asking for IRS forgiveness. To know how much in taxes you owe, either check online through the IRS portal, mail a form to IRS, and ask a tax professional to do research on your status.  Lookout for IRS Collection Actions If you cannot pay the tax but haven’t asked for forgiveness or assistance from the IRS, you can e
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Common Offer In Compromise Mistakes People Make

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Individuals who owe more unpaid taxes than they could ever realistically pay back, such people qualify for an “offer in compromise” (OIC). every IRS rejects thousands of OIC submitted to them based on variety of reasons. If you do not expect the same for yourself and get the IRS offer in compromise help , then stop making these mistakes:  Mathematical errors Simple mathematical errors can lead to a rejection of OIC by the IRS. Whether you fill out the Form 433, which is required for the OIC proposal, or you allow a CPA or an EA to fill out the form on your behalf, it is crucial that you check that there are no such calculation errors like not adding up basic figures correctly are simple mistakes that can doom your OIC. Overspending The IRS can scrutinize your spending to ensure that they match up with the money you have at your disposal. If IRS found you spending huge amounts on vacations, buying consumer goods like electronics, cars, then chances of rejection are pretty
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3 Ways To Deal With Back Taxes

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Taxes are something which we all have to deal with. Be it about filing taxes or paying them, we have to make sure that we follow all the procedures in time. However, there are times when we are not able to comply with the timeline and end up facing Back taxes. Back taxes is the amount due when we are not able to pay our taxes on time. Although you can pay back overdue tax , you should be careful about a lot of things. To help you deal with back tax, here is a list of some of the ways in which you can deal with back tax. 1. File your tax in time  The first thing you should do is to avoid the accumulation of back taxes. This can be done in two ways. First is obviously to file and pay your taxes in time and the second is to file your taxes in time even if you have a shortage of money. This is because even if you have a shortage of money, you will be able to avoid the extra amount that is overdue when you fail to file your tax in time. 2. Request a payment plan  The n
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3 Consequences Of Not Filing Tax Returns

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There is a reason why it is often said that you should file your taxes every year even if you are not in a condition to pay for them in full. Avoiding your annual tax return obligations can lead to various consequences that extend beyond your bank account. If you don’t know how to file unfiled tax returns , get in touch with a tax advocate.  Here are some of the consequences of not filing tax- Late penalties  In case you are expecting an income tax refund, chances are that you won't get the same level of scolding from the IRS than others who owe money. However, if you fall among those who owe the government money, it is time for you to shake a leg and get your tax return in as soon as possible. The penalty for filing late takes effect immediately following the deadline and typically equal 5% of the unpaid taxes you owe for every single month you delay filing your return, up to a 25%. Forfeiture of tax refund Because you don't owe the IRS money, it doesn't m
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