Tampa Unfiled Tax Returns Attorney

Tampa Unfiled Tax Returns Lawyer

There are many reasons why a taxpayer may fall behind in filing their tax return. While all taxpayers are aware of the importance of the deadline, any number of emergencies or difficulties in a person’s life can get in the way. Some taxpayers continue to ignore the issue until years of tax debt from unfiled tax returns pile up. Ignoring this issue is the worst thing you can do. You should work with a Tampa unfiled tax returns attorney to determine how to address your tax debt.

This situation can be exceptionally stressful, particularly when you cannot pay the total of your debt. You may have unfiled tax returns with the state tax agency or the IRS (Internal Revenue Service), but a skilled IRS tax resolution legal counsel in Tampa can help you navigate either. There may be methods to delay collection actions or lower the debt you owe.

Tax Smith Tax Attorneys: Helping You Address Your Unfiled Tax Returns

There may be severe financial consequences when you ignore tax debt. It is to your benefit to address your unfiled returns as quickly as you can. With support from Tax Smith Tax Attorneys, this process can be less overwhelming. Our team has decades of tax law experience, and we can leverage that experience to resolve your tax debt as efficiently as possible.

State and federal tax agencies are willing to negotiate with you if you cannot pay your tax debt. The process can still be complex and stressful, however, but our firm can guide you through it and deal with the agency on your behalf. We understand how frustrating it can be to deal with taxes and tax debts, and we want to bring you reliable and straightforward legal support.

What Consequences Are There for Not Filing Your Federal Tax Returns?

When you owe the IRS back taxes, the agency can take several actions to recover those debts, including:

• Wage garnishment. The IRS can require your employer to deduct a specific percentage of your income to be paid directly to the agency. There are other forms of income the IRS can also garnish, including governmental benefits. The IRS can also garnish accounts receivable for self-employed business owners.
• Property and asset liens. A lien is placed on personal properties, real estate, and financial assets or accounts. It effectively claims the asset or property for the government, and this claim can be seen by banks, creditors, and other financial institutions. This can make it difficult for you to obtain credit.
• Bank levies. A bank levy freezes your account for a period of time before removing the funds needed to cover your unpaid debt. This can make it incredibly difficult to operate financially. It is important to act before the funds are removed.

In addition to collection actions, you will see other financial consequences in the form of penalties and interest. These accrue over time and can significantly worsen the amount of tax debt that you owe. The longer you do not address your tax debt, the worse the problem will be.

If the issue becomes more serious, you may be assigned a collection or revenue officer to your case in Tampa, FL. The officer’s intention is to recover all your tax debt.

You could be charged with tax evasion and face criminal penalties if:

1. You have gone many years without filing.
2. The IRS or state agency believes it is intentional.
3. You have ignored their attempts to contact you.

What Is Voluntary Disclosure?

Voluntary disclosure is a program within the IRS that allows taxpayers to correct errors on their tax returns or file unfiled returns.

As long as the information and filing provided are timely, accurate, and complete, taxpayers can follow the law and prevent the penalties associated with owing back taxes. You must do this before you receive a notice from the IRS about nonpayment and are investigated for failing to file or filing inaccurately. Your tax returns attorney can help you with filing this disclosure.

The voluntary disclosure program does not apply to individuals whose income comes from illegal actions.

FAQs About Tampa, FL Unfiled Tax Returns Law

What Do I Do If I Have Years of Unfiled Tax Returns?

If you have years of tax returns that you haven’t filed, it is important to file those returns quickly. You can discuss with an attorney if you are facing collection actions or fear you may be soon. Your attorney can contact the relevant tax agency to address and potentially pause those actions. If you are unable to afford the tax debt from your unfiled tax returns, your attorney can review other options to address the debt and pause collection actions, such as setting up a payment plan.

How Do I Settle Unfiled Taxes?

You can settle unfiled taxes by paying the tax you owe or by negotiating a debt settlement if you do not have the financial ability to pay your tax debt. If you need to negotiate a settlement, it is crucial that you find an experienced tax attorney. They can review options like an installment agreement, penalty abatement, or an offer in compromise. These options can mitigate your tax liability or give you more time to pay.

Is There a Statute of Limitations on Unfiled Federal Tax Returns?

There is no statute of limitations on unfiled federal tax returns, and penalties and interest can accrue on all unfiled tax returns indefinitely. The IRS can require you to pay all your unfiled taxes, all their penalties, and all their interest. The IRS can also continue to take collection actions to secure what it is owed. If you have unfiled tax returns, it is essential that you act as soon as possible to pay them or find out how to settle your debt.

What Is the Penalty for Unfiled Tax Returns?

When you have unfiled tax returns, you see numerous penalties, such as failure to file and failure to pay. How much these penalties add up to will rely on factors such as:

• How much time has passed without filing
• The amount of existing tax debt you owe
• Whether you have been open to negotiating
• Whether you have ignored the IRS’s attempts to contact you

Certain penalties will continue to accrue, such as the failure to file a penalty, which is 5% of your tax debt each month that you do not file.

Working With Experienced Professionals in Tampa

If you need legal support to address unfiled tax returns and your tax debt, contact Tax Smith Tax Attorneys today.