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 information, you are required to retrieve all the income records you have. The IRS will withhold the collection activity if you provide them the information you need. Besides, you can ask the IRS to provide your income records if you are not able to find them. For this, you will need to fill the forms you need.

3. Consider the Offer in Compromise

In the final stage of the process, you need to check whether you need to seek an installment agreement or an offer in compromise (OIC). This is a special agreement between you and the IRS where you can qualify for a certain amount of tax exemption provided that you fulfill the criteria. This will help you achieve the method you need.

If you wish to know more about dealing with unfiled corporate tax returns, you should seek the services of reputable tax attorneys.

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