Elizabethtown, KY - Whether someone is looking to obtain a loan for a new business or a new home, currently filed tax returns are a requirement.
People can become non-filers for various reasons:
1. Illness 2. Death of a family member 3. Destruction of records due to fire, flood, or other natural disaster
and other reasons. It is estimated that there are over 7 million non-filers in the United States at the current time. So, if you or a client fall into this category, you are not alone. I represent tax payers in the Elizabethtown area and Commonwealth of Kentucky who may need multiple years of tax returns filed in order to not only become compliant with state and IRS filing requirements, but to also have the documentation needed for loan applications.
As with all situations, there is always hope! In order to become compliant with the IRS, you are required to file the last 6 years of tax returns. If you end up owing a tax liability, you will likely owe FTF(Failure to File), FTP (Failure to Pay) penalties and interest! It can become very expensive when you don't file your annual returns on time. If you find yourself in this situation, our firm can help you navigate the different penalty abatement options that may be available to you.
If you owe a tax liability that you cannot pay in full, there are resolutions the IRS extends to qualified taxpayers:
- Installment Agreements
- Currently Not Collectable Status (CNC)
- Innocent Spouse
If by chance you are due a refund, you only have 3 years to claim that refund, or you forfeit the right to the money. (Reminds me of an annual budget where you "use it or lose it") Who knows! Maybe you'll file your back returns and get enough of a refund to help with that down payment for your new home! Regardless, having back tax issues dealt with can help you sleep sweeter in that new home of yours!
If you or someone you know has a client that needs help with unfiled tax returns, penalty abatement, or other resolution services please feel free to contact me at 270-506-3935 or 270-634-HELP or by email at firstname.lastname@example.org
P.O. Box 209
Rineyville, KY 40162
Ph. 270-506-3935 or 270-634-HELP