Regardless of whether or not full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. All payment plans require continued compliance with all filing and payment responsibilities after the plan is approved.
Taxpayers should file all tax returns that are due
Failure to file a return or filing late can be costly. If taxes are owed, a delay in filing may result in penalty and interest charges that could increase your tax bill by 25 percent or more.
There is no penalty for failure to file a tax return if a refund is due. But by waiting too long to file, you can lose your refund. In order to receive a refund, the return must be filed within three years of the due date. If you file a return, and later realize you made an error on the return, the deadline for claiming any refund due is three years after the return was filed, or two years after the tax was paid, whichever expires later.
Taxpayers who continue to not file a required return and fail to respond to IRS requests for a return may be considered for a variety of enforcement actions. Continued non-compliance by flagrant or repeat non-filers could result in additional penalties and/or criminal prosecution.
Levy and Associates will gather the necessary information from you to complete all of your late tax returns (personal, corporate, payroll and sales tax). Once the total tax liability is known, we will work with you to decide on the best course of action. Please contact us to arrange a meeting.
How Do I Pay Unpaid Back Taxes?
You have several options to resolve your unpaid taxes. The options will vary depending upon your financial situation, the amount of taxes owed, and other facts surrounding your particular case. You need to also determine that the tax debt is correct (not a computed or guesstimated amount).
Payment plans (formerly known as installment agreements) are only one option that exists. The IRS has other collection alternatives that you may qualify for based upon your financial condition.
Call us to schedule your free consultation to discuss collection alternatives that will best fir your current financial condition.
What Are the Penalties and Interest On Unpaid Taxes?
Penalties and interest; the IRS will charge interest and penalties for not paying and or filing taxes, or tax returns. The penalties and interest vary. However, they can add up very quickly. Do not let this problem linger as tax problems do not go away by themselves.
What If You Can’t Pay Taxes Owed?
Unfortunately, there will be some instances where you are not financially able to pay your taxes. Reasons for this may vary from losing your job or having too many responsibilities that you need to take on at the time. Luckily, the IRS has collection alternatives to resolve your tax problems. Installment agreements, the Offer in Compromise program, or placing you into a hardship status are several of the more common ways you can resolve your tax problem.
“Greg, Lance, Stephanie and team are some of the most amazing people I’ve had the pleasure of working with! They are on point when it comes to helping our crew out with our IRS tax issues! They saved our company and the owner so much money already! Thankful for Levy & Associates!!”– Erica Dell
“I had an IRS issue that no one was able to help me with. Someone recommended that I call The Levy Group so I did. They helped me with resolving a very difficult situation. I very thankful with what they were able to accomplish.”– David Carpenter
Contact Levy & Associates for the Best of the Best Tax Resolution Services in the Country
Levy & Associates is available 24/7. We’re happy to answer any questions you have about the tax resolution process and address any concerns about your specific situation.
There’s never a good time to have a tax problem, and the time-consuming process will take away from your business or family if you try to face this alone. Let us handle and coordinate communication, so you can return to your daily life.