Unfiled Tax Returns
What is it?
Filing your taxes without fail every single year is not a suggestion – it’s required by law. If you fail to file your taxes one year or multiple years in a row, you will face significant problems with the IRS. It is in your best interest to file any unfiled tax returns as soon as possible.
How Does it Work?
Individuals and businesses who do not submit or pay their taxes face severe fines. Many people opt not to file because they are unable to pay their debts. However, not filing will aggravate the situation much more than if you submit a tax return and don’t pay your debt.
When you don’t file your taxes, the IRS does it for you. The records will, more often than not, reflect that you have a lot larger liability than you actually have!
As far as the penalties you’re facing, when there is no fraud or carelessness, the standard failure to submit penalty is 5% per month on the total tax debt payable. This penalty begins the day after the tax return is due. When fraud or incompetence is involved, the percentage rises to 15%.
ETS can submit your taxes for you, even if it’s years beyond the due date, to save you from falling even deeper into tax debt. Don’t wait for the penalties to pile up – call ETS Tax Relief now!
Other Services
Cryptocurrency Audits
As cryptocurrency gains popularity, it's important to speak with professionals who can help you navigate the ins and outs of this fairly new digital currency. We can represent you throughout the entire cryptocurrency audit process.
IRS & State Audit Representation
Nobody likes being audited! Unfortunately, it’s something you have to deal with if you’ve been selected for an audit, as ignoring it only makes it worse. IRS audits are the process of reviewing your accounts and finances to ensure you reported everything correctly. If this is happening to you, seek help right away!
IRS Payment Plans
An IRS payment plan, also known as an installment agreement, allows you to pay back your tax debt in a more manageable way. It’s also the most common way for taxpayers to pay their outstanding tax liability. You can negotiate a monthly payment that fits your needs instead of paying back a hefty lump sum.