If you are receiving demands for payment of unpaid taxes and require assistance establishing an alternative arrangement with a revenue agency to asset seizure or levy activity, it may be necessary to prepare and file missing returns. There are three issues that arise in tax resolution where tax preparation may be mandatory or desirable for the best possible outcome. The Law Office of Elizabeth Gonsalves does offer tax preparation services in addition to tax resolution services. You may review our fees for preparing a variety of returns by visiting our Fee Structure page.
As a part of representation, we contact the given agency to check for missing returns. If we learn there are returns missing, we order IRS Wage & Income transcripts to retrieve information about what type of income was reported on your account by third-parties. The IRS Wage & Income transcripts provide the necessary information needed to prepare part of your return. The Law Office of Elizabeth Gonsalves is able to prepare your missing tax returns for you. We provide you with Tax Organizers that help us complete your return based on the information you provide on the Tax Organizers. By allowing us to prepare your tax returns quickly, we can facilitate the resolution process. We also work with your current tax accountant to retrieve the information that we need in order to move forward with the resolution process.
Attorney Elizabeth Gonsalves Can Ensure All Documents
You Need Are In Place and Adequately Prepared
Compliance is the term used among government revenue agencies to describe two things, 1) that all years requiring a tax return have a return on file, and 2) that all current and future taxes are paid timely. When you owe taxes for past years the revenue agency views this as a liability. They want assurances that by allowing you a payment plan or other type of resolution to resolve your current back tax liability, you will not incur additional tax liabilities in the future. Our representation to establish a resolution of your tax liabilities includes providing you with sound advice as to how you can keep your account from incurring new liabilities in the future. We will advise you as to how much you need to pay in estimated tax payments for the current year if you are a small business owner. If you are a wage-earner, we will advise you as to how many exemptions you should claim based on specifics of your case. Upon hiring our organization to resolve balances owed for past years you will also receive clear instructions for filing returns timely going forward. The goal of tax resolution representation is to establish an agreement for taxes owed through the present. In arriving at a resolution it is important to avoid incurring new liabilities. You want to put the problem behind you. We will help you to understand how to do that.
SUBSTITUTE FOR RETURN “SFR’s”
Persons and corporations report income they pay to you to the IRS for purposes of claiming and proving their business expenses. Because of these reports, the IRS knows about income you receive in a given year. Examples of reported income are W-2’s, 1099’s, IRA distributions, and interest on savings accounts. If you fail to file a return and income has been reported sufficient to indicate you probably would owe taxes, the IRS will assess tax against you as a single person (the highest tax rate) without considering deductions and credits that would otherwise reduce the amount of tax you owe.
Upon contacting the IRS we check for balances assessed by the IRS (i.e., “SFR years”). Filing an original return on an SFR typically reduces the total tax owed because it claims the proper filing status and takes account of credits and deductions that were available to you that year.