Posts Tagged ‘taxes’

Unfiled Tax Returns: Statute of limitations

People always ask the question: What is the statute of limitations for unfiled taxes? This is an easy one...there isn't one. Taxpayers often believe that if they just don't file their returns then at some point there is a statute that expires. But when you don't file then the statute clock has not started. So in theory the IRS can come after you for tax returns for an unlimited number of years. What normally happens is that if you have outstanding W2s and 1099s are other income that the IRS is aware of then after 3 or 4 years the IRS will often file a Substitute for Return (SFR). The SFR won't give you as many deductions as you would normally have if you had properly filed your return. Once filed, collection efforts will then start and the IRS will pursue collection with any means possible. Read the rest of this entry »

IRS Installment Agreement: Top Tips For Success

Many taxpayers are facing back tax issues, especially considering the financial situation of today's economy. So the question often arises - how do I get an installment agreement request form? But once you get the request form, how do you complete it and what information do you need to include to make sure that it is successful? Before the IRS will agree to an installment agreement, the agency will do a financial review of the individual taxpayer's financial position. The goal is to determine the collection potential of the taxpayer's account. Read the rest of this entry »

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