In our Atlanta tax practice, we meet individuals every day who have unfiled tax returns. We have seen situations where returns have not been filed for years, or even decades.
When the IRS discovers a non-filer (a common occurrance in our age where the internet makes it hard to hide from the government), an enormous bill for unpaid taxes, interest and penalties is generally the unhappy result.
The savvy tax advisor has a number of tools to get the non-filer out of this mess, including the Offer in Compromise and the Installment Agreement. But before these tools can be utilized, back tax returns must be filed. Why? Because the IRS will not consider any tax resolution option if the taxpayer is not currently compliant.
Only the past six years of returns need to be filed in order to be considered "compliant" by the IRS. Don't worry at this point about the older years.
Before filing back tax returns, do a projection that calculates the impact of filing joint tax returns vs. married filing separately on a potential Offer in Compromise or Installment Agreement. The difference can be surprisingly significant.
If you have any questions about installment agreements, offers in compromise, catching up on back taxes, or any other tax issue, feel free to contact us at 678-235-5460.
You may also contact us by email at gary.massey@masseyandcompanyCPA.com, or on our website.
Our offices are in the Buckhead neighborhood of Atlanta and we welcome face to face visits.
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3 Alliance Center, 3550 Lenox Road NE, Suite 2100, Atlanta, GA 30326
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