While typically the only things you need to file prior taxes are the things you would have needed if you had filed them in the year they should have been filed, it is possible to forget things as time passes.  In fact, if there are several years of prior taxes yet to be filed, it can get even more confusing.  Hopefully you have everything you need on hand and just have not gotten around to filing, but if that is not the case it may take some creativity to figure out how to get all the information together.

Get Started

First, create a file for each year of prior taxes that needs to be filed.  This could be a folder for each year, or a binder with a tab for each year.  Next, create a checklist of things to gather for each year.  You can do this yourself by simply going through the tax form and making note of what information is needed for each section.  If you are working with a CPA they may have a check list, and possibly even a binder, for you to use.  You may also be able to find a printable online.

The Dirty Work

Whether you plan to file your own prior taxes or you are working with a CPA, this is the hard part, and it is going to fall to you.  You are going to have to fill those files with all of the applicable items on the checklist.  Take each needed item one by one.  Likely the first item is any W-2s from prior years.  You received a copy of one from each employer.  If you cannot find them, you can contact previous employers to obtain them, but they will likely not come quickly, and you may have to pay for them.  Receipts for deductible items often cannot be replaced, but on some occasions reasonable estimates are accepted.  This is where a CPA comes in really handy.  They are specially trained to know which items this will work with and which it will not.

It can be overwhelming, but with a good CPA and a good start, you can have prior taxes filed as soon as possible.

We are a CPA firm and we deal specifically with clients who need to file prior tax returns.  Call us today for a FREE consultation at 1-888-570-1033.

If you have previous tax returns that have not yet been filed, it is imperative to get them filed immediately.  The longer you wait, the more fees and interest are building and adding to the amount already owed.  Consider the following when filing prior year tax returns:

Special Situations

Did anything happen during the prior year that could affect your taxes that does not normally happen?  Examples could be receiving an inheritance, winning the lottery or other large prize, moving, major illness, starting your own business, having a baby, or giving a sizeable donation to charity.  Smaller versions of these types of things could be easily overlooked if they happened in the beginning of the previous year and are not common occurrences.

Need for a Professional

Consider if you may need to enlist a CPA to assist in filing prior year tax returns.   Even if it seems you do not, the truth is that you probably do.  There are so many intricacies involved with filing prior taxes that it behooves almost everyone to take advantage of any expertise available from a CPA.  They are specially trained to recognize potential mistakes and stop them from being made.

Payment Options

If you had extreme extenuating circumstances, by the IRS’s standards, you could qualify for abatement or for a settlement that is less than the amount owed.  Known as an Offer in Compromise, this is hard to get approved but is available in certain circumstances.  Other options include two different installment plans.  One is a standard equal installment payment plan lasting 3 to 5 years.  The other is a step-up plan in which the payment amounts increase over time.

Give thought to each of these before beginning the process of filing prior year tax returns.  Be honest, and do what needs to be done to get them filed and get it done right the first time.  Enough time has already been wasted, and time is money in this situation more than others.  By making note of special situations that occurred during the tax year, considering enlisting professional help, and knowing your payment options, you will definitely be starting on the right track.

We are a CPA firm and we deal specifically with clients who need help filing prior tax returns.  Have Questions? Call us now for a FREE consultation at 1-888-570-1033.

While it is tempting to try to save money by preparing your own prior year tax returns, it really is not wise.  The reasons to go it alone seem convincing.  You avoid professional fees, you can do it on your own timeline, and you are not subject to someone else’s schedule.  However, when you look at the cost versus the benefit of preparing prior year tax returns yourself, the other side becomes much more clear.

First, the complications that can come with filing prior taxes can be a challenge even for someone who regularly does their own taxes.  Important information can be easily overlooked or forgotten.  A CPA that specializes in preparing prior year tax returns is specially trained to make note of commonly missed items and mistakes, and can help make sure that your prior year taxes are done correctly.  This will avoid any further fees or interest that could accrue during the correction process.

Of course, a CPA is going to charge a fee, and he may have other returns to work on as well, so that filing your return may take some time.  However, the money and time saved in the long run by having it done correctly the first time is far more than any professional fee spent.  Preparing prior year tax returns is much more complicated that most realize.

Whatever you decide, do not delay.  It is illegal not to file your tax returns, and every day you wait before preparing prior year tax returns only adds penalties and interest to what you already owe.   It may be tempting to panic at having to pay a large amount, but the IRS has payment options and there is one to fit most any budget.

The important thing is to get them filed so the penalties and interest stop accruing, and get on some sort of payment plan.  A CPA can help you with that process as well, so that you do not feel you are at the mercy of the IRS with no one on your side.  The money and time spent on a CPA preparing prior year tax returns is well worth the peace of mind.

We are a CPA firm and we deal specifically with clients who need help filing prior tax returns.  Have questions? Call us now for a FREE consultation at 1-888-570-1033.

If you have not filed your previous year tax return, now is the time to do it.  Do not delay, as the longer you wait the more you will owe.  Penalties and interest continue to accrue every day you do not have your previous taxes filed.  Basically, you need the same information you need to file a current year return.  However, pulling the information together for a previous year tax return can be more challenging.  After the year has come and gone, it may be difficult to remember some information, and documentation can be difficult to find.

The best way to start is to go down the list and consider it in light of the previous year.  Think first of those uncommon items that may not occur every year.  Some examples include gambling winnings, inheritances, land sales, etc.  These are common for some, but not for all.  It is imperative that you consider each and every possible source of income and deductions for a previous year tax return to avoid forgetting something essential.

Next, contact a professional.  While it is never really prudent to complete you own tax return, if you have an extremely easy and straight forward return you may be able to get away with it.  However, this will not be the case with a previous year tax return.  The fact is, even if it appears to be easy, the intricacies of filing previous tax returns can get complicated.  Having professional help to help mitigate the risk of costly mistakes is wise.

Finally, turn it in as soon as possible.  Anticipate that you will owe penalties and interest, and get on a payment plan as soon as possible.  During the filing process, if you realize you could owe a significant amount of money, it would be a good idea to get prepared.  Sell things you no longer use, look for sources of extra income, and start saving so you can pay off as much as possible at once.  This will reduce the amount of any monthly payment you may end up with, and you may be surprised.   You may even end up with enough to pay it off completely.

We are a CPA firm and we deal specifically with clients who need help filing prior tax returns.  Have a question? Call us now for a FREE consultation at 1-888-570-1033.

Prior tax problems related to not filing on time are surprisingly common.  It can be difficult to get it together after a traumatic event or some other situation prevents you from filing your taxes in time.  Suddenly it is time to file your return for the current year and you realize you still have not filed the previous three.  It can all become very overwhelming very quickly.  The best way to attack prior tax problems is quickly, but with baby steps.

Start by finding a CPA.  Do not try to handle prior taxes alone.  You need a reputable, capable CPA on your side.  It is best to find one that specializes in filing prior year taxes.  Verify that they are licensed, and that their training and license is up to date.   Start by talking to family or friends that you may know have had tax issues before.  If you do not know of any, just ask others who they use.  You do not have to reveal any details about your own situation, but the word of others is the best place to start with any service provider, and CPAs are not excluded.

Make some phone calls and find someone you are comfortable with both professionally and personally.  You need to know they will do the job right, but also that they will treat you with respect.  This is another reason that finding someone who works with prior tax problems frequently is a good idea.  They have likely seen it all, and they will simply get the work done that needs to be done.

Once you have a CPA to work with, they will ask for all of your prior tax information.  They will go through it and ask for any other information they may need.  They may also have to contact you frequently with questions.  The more cooperative you are, the better able they will be to help you with your prior tax problems.

Once the return is filed, you will likely owe a great deal in penalties and interest.  At this point, you can work out a payment plan with the IRS that meets your needs.

We are a CPA firm and we deal specifically with clients who need help filing prior tax returns.  Have Questions? Call us now for a FREE consultation at 1-888-570-1033.

 

The short answer is, if you need to file prior returns, you need help from a CPA.  Still, it is understandable that some would want to take the chance and do it themselves.  Many do not see it as taking a chance at all, but rather they see using someone to do work they feel capable of doing themselves as lazy.  The feel it is a waste of money to pay someone to do a job they can do themselves.  The problem is, this is not like cleaning a home or mowing a lawn.  Even if you have the time to file your own prior returns, you are likely not as qualified to do so as you may think.

That is not to say that anyone who is not a CPA is not intelligent, but CPAs are specially trained to mitigate the many risks involved when it comes to prior year returns.  If you have very simple returns that you have simply neglected to do, it may be fine to do them yourself, but there are some signs to look for that may indicate you especially need to enlist a professional to help.

The first sign is that you may need some help when you file prior returns is that you are not sure where to start.  Another sign can be that you get started, but you still have a nagging feeling that you are missing something.  Though it is possible you are not, it is more likely when it comes to prior taxes that you are.  Hiring a CPA to help file prior returns offers peace of mind, and it can actually save money in the long run.

Of course you have to pay for the services, but if you file prior returns yourself and miss something, you could cost yourself a lot more in the long run.  Filing returns late increases the amount owed anyway with penalties and interest.  The last thing you need is to miss a deduction, or leave out income that could result in even more penalties.  Spending the time and money necessary to get a CPA on board in the beginning is well worth it.

We are a CPA firm and we deal specifically with clients who need to file prior tax returns.  Call us today for a FREE consultation at 1-888-570-1033.

If you need to file prior tax returns, you may not know what to expect once you get them done.  It can be frightening to know that the law has been broken, and a sizeable amount of money is owed.  It may not be as bad as you think however, as basically the IRS just wants their money.  If you get the prior taxes filed, they will work with you on getting the debt paid in a way that your budget can handle.   The important thing is to get any prior tax returns filed as quickly as possible so that you can stop incurring penalties and fees and get on a payment plan.

The payment options vary based on the specific circumstances.  If you have certain hardships that have caused you to neglect the need to file prior tax returns, there are possibilities such as an abatement or an Offer in Compromise.  Do not file in anticipation of getting either of these options approved, as they can be difficult, but for very specific situations noted in guidelines set by the IRS, they can happen.  In abatement, the penalties and interest associated with late payment are waived.  An Offer in Compromise is a situation where the IRS accepts less than what is owed as full payment of the debt.

For most, an installment payment plan is going to be the only option.  There are two different types available. The most common is a standard plan comprised of equal monthly installments over a period of 3 to 5 years.  However, for budgets that may not be able to handle the amount of an equal installment each month, there is a step-up plan option.  In this plan, the installments start out lower and increase over time, presumably as income increases.

While no one looks forward to paying taxes, the need to file prior tax returns is as much a legal one as a financial one.  There are options, and though you can expect that the amount owed will be more than it would have been had the prior year taxes been filed on time, you will most likely not have to pay the whole amount at once.  So if you need to file prior tax returns then make sure you get them done ASAP.

We are a CPA firm and we help clients who need to file prior tax returns.  Call us now for a FREE consultation at 1-888-570-1033.

Can you just imagine?  That dreaded letter that you are about to be audited has just come in the mail.  Even if you have everything completely in order and nothing to hide, there is likely still a sinking feeling in the pit of your stomach.  Nobody wakes up in the morning eagerly anticipating being audited.  It could happen however, and even the most prepared cringe.  Those who are not prepared, however, could fly into full fledge panic.  One of the major issues if you are going to be audited is prior year taxes, especially if they have not been filed.

Though this will not be fun, there really is no reason to panic.  The first thing you need to do is gather all of the information you anticipate you may need.  This could include receipts for medical expenses, charitable contributions, and documentation of income.  Anything you anticipate could possibly be needed, get it.

The next step is to find a reputable CPA that is experienced in dealing with prior year taxes, if you do not have one already.  It is not likely that you do if you have prior taxes that are not filed.  Ask around, check the yellow pages, or just call around if you cannot find a good reference.  You can tell a lot by simply talking to someone.  If the CPA treats you with respect regardless of your situation, that is a good sign.

Once you settle on a CPA, he will go through the information you provide and inquire about other information he may need.  For the purposes of filing prior year taxes before an audit, expect to spend a lot of time either with the CPA or on the phone with them.  There will be many questions that only you can answer in order to get the information needed to file prior year taxes.

The problem is that if you have already been selected for an audit, you are likely not going to have this done before the auditor arrives.  Your best bet at this point is to show due diligence and an effort to get the job done, done right, and not make the same mistake twice.

We are a CPA firm and we help clients who need to file prior tax returns.  Call us now for a FREE consultation at 1-888-570-1033.

With each passing day that filing prior taxes is put off, the amount owed grows with penalties, fees, and interest.  Other than the fact that it is illegal not to file your taxes, this is the number one reason to get moving.  The massive amount of work and information often needed to file prior tax returns, however, can be so overwhelming at times the many cannot even imagine where to start.  This is where having a CPA on board to help can be very beneficial.

When trying to find a CPA that will help you with filing prior taxes, it is important to look for certain characteristics.  First, of course, you want to verify that they are certified and that their license is up to date.  If it seems that something is amiss, check into it.  This is not the time to be ignoring gut feelings, as you need a reputable and qualified professional for this type of undertaking.

It is also extremely helpful to find a CPA that specializes in filing prior taxes.  If this is something they work with often, they will know what to expect and you will likely feel more comfortable discussing the issues that put you in the situation to owe prior taxes.   The process of finding such a CPA can itself be daunting, but there are simple steps that can make it less stressful.

Asking around can be awkward due to the sensitivity of the particular situation, but if you are aware of family or friends that have had issues with filing prior taxes in the past, ask them who they used.  If they were happy with the service they received, you will likely be pleased as well.  You can also look for online reviews, and call firms that advertise prior taxes as an area of expertise.  Find a few to sit down and discuss the issue with, and make your decision based on how you were treated along with their capabilities and qualifications.  You want someone who will not make you feel uncomfortable, but who absolutely knows how to do the job right.  Filing prior taxes may be easier than you think.

We are a CPA firm and we help clients who need to file prior tax returns.  Call us now for a FREE consultation at 1-888-570-1033.

The question is relative actually.  Is it ever too late to file tax returns from prior years?  There could very well come a time when failing to file prior year tax returns will come back to haunt you, and there will be nothing you can do.  However, that time could be a long time coming, and it is usually possible to remedy the situation before it gets to that.  That does not mean that there will not be consequences, but those consequences are better than the ones that could come with never filing.

If you have prior year tax returns that need to be filed, frankly the sooner you get it done the better.  This is especially true if there is a sizeable amount that will be owed.  The reason is, the longer you put it off, the larger that amount gets.  Penalties and interest add up fast, and the longer you put off some sort of payment agreement with the IRS, the worse it gets.  Also, the faster you get the returns filed, the more chance you have for qualification of special payment programs such as an Offer in Compromise or abatement.

Other reasons include not being eligible to claim refunds, though the IRS will take what is needed to cover any debt owed.  When the time comes that the refund would be yours to keep, you would likely want to be able to do that.  Also, the risk of being audited is always looming, and it is much better to have your tax business in order before that time.

While it can be overwhelming, there is no reason to do it alone.  A CPA can help you get things back in order and on the right track so that you can get business settled with the IRS.  It is amazing how it feels to get the payments moving so that you can be out from under the weight of owing back taxes from prior returns.  A professional tax accountant can also offer tips and help for keeping things from getting to this point again, and can even make sure you are not paying a penny more than you have to.  In the end…get your prior year tax returns filed ASAP.

We are a CPA firm and we help clients who need to file prior tax returns.  Call us now for a FREE consultation at 1-888-570-1033.

 

While typically the only things you need to file prior taxes are the things you would have needed if you had filed them in the year they should have been filed, it is possible to forget things as time passes.  In fact, if there are several years of prior taxes yet to be filed, it can get even more confusing.  Hopefully you have everything you need on hand and just have not gotten around to filing, but if that is not the case it may take some creativity to figure out how to get all the information together.

Get Started

First, create a file for each year of prior taxes that needs to be filed.  This could be a folder for each year, or a binder with a tab for each year.  Next, create a checklist of things to gather for each year.  You can do this yourself by simply going through the tax form and making note of what information is needed for each section.  If you are working with a CPA they may have a check list, and possibly even a binder, for you to use.  You may also be able to find a printable online.

The Dirty Work

Whether you plan to file your own prior taxes or you are working with a CPA, this is the hard part, and it is going to fall to you.  You are going to have to fill those files with all of the applicable items on the checklist.  Take each needed item one by one.  Likely the first item is any W-2s from prior years.  You received a copy of one from each employer.  If you cannot find them, you can contact previous employers to obtain them, but they will likely not come quickly, and you may have to pay for them.  Receipts for deductible items often cannot be replaced, but on some occasions reasonable estimates are accepted.  This is where a CPA comes in really handy.  They are specially trained to know which items this will work with and which it will not.

It can be overwhelming, but with a good CPA and a good start, you can have prior taxes filed as soon as possible.

We are a CPA firm and we deal specifically with clients who need to file prior tax returns.  Call us today for a FREE consultation at 1-888-570-1033.

If you have previous tax returns that have not yet been filed, it is imperative to get them filed immediately.  The longer you wait, the more fees and interest are building and adding to the amount already owed.  Consider the following when filing prior year tax returns:

Special Situations

Did anything happen during the prior year that could affect your taxes that does not normally happen?  Examples could be receiving an inheritance, winning the lottery or other large prize, moving, major illness, starting your own business, having a baby, or giving a sizeable donation to charity.  Smaller versions of these types of things could be easily overlooked if they happened in the beginning of the previous year and are not common occurrences.

Need for a Professional

Consider if you may need to enlist a CPA to assist in filing prior year tax returns.   Even if it seems you do not, the truth is that you probably do.  There are so many intricacies involved with filing prior taxes that it behooves almost everyone to take advantage of any expertise available from a CPA.  They are specially trained to recognize potential mistakes and stop them from being made.

Payment Options

If you had extreme extenuating circumstances, by the IRS’s standards, you could qualify for abatement or for a settlement that is less than the amount owed.  Known as an Offer in Compromise, this is hard to get approved but is available in certain circumstances.  Other options include two different installment plans.  One is a standard equal installment payment plan lasting 3 to 5 years.  The other is a step-up plan in which the payment amounts increase over time.

Give thought to each of these before beginning the process of filing prior year tax returns.  Be honest, and do what needs to be done to get them filed and get it done right the first time.  Enough time has already been wasted, and time is money in this situation more than others.  By making note of special situations that occurred during the tax year, considering enlisting professional help, and knowing your payment options, you will definitely be starting on the right track.

We are a CPA firm and we deal specifically with clients who need help filing prior tax returns.  Have Questions? Call us now for a FREE consultation at 1-888-570-1033.

While it is tempting to try to save money by preparing your own prior year tax returns, it really is not wise.  The reasons to go it alone seem convincing.  You avoid professional fees, you can do it on your own timeline, and you are not subject to someone else’s schedule.  However, when you look at the cost versus the benefit of preparing prior year tax returns yourself, the other side becomes much more clear.

First, the complications that can come with filing prior taxes can be a challenge even for someone who regularly does their own taxes.  Important information can be easily overlooked or forgotten.  A CPA that specializes in preparing prior year tax returns is specially trained to make note of commonly missed items and mistakes, and can help make sure that your prior year taxes are done correctly.  This will avoid any further fees or interest that could accrue during the correction process.

Of course, a CPA is going to charge a fee, and he may have other returns to work on as well, so that filing your return may take some time.  However, the money and time saved in the long run by having it done correctly the first time is far more than any professional fee spent.  Preparing prior year tax returns is much more complicated that most realize.

Whatever you decide, do not delay.  It is illegal not to file your tax returns, and every day you wait before preparing prior year tax returns only adds penalties and interest to what you already owe.   It may be tempting to panic at having to pay a large amount, but the IRS has payment options and there is one to fit most any budget.

The important thing is to get them filed so the penalties and interest stop accruing, and get on some sort of payment plan.  A CPA can help you with that process as well, so that you do not feel you are at the mercy of the IRS with no one on your side.  The money and time spent on a CPA preparing prior year tax returns is well worth the peace of mind.

We are a CPA firm and we deal specifically with clients who need help filing prior tax returns.  Have questions? Call us now for a FREE consultation at 1-888-570-1033.

If you have not filed your previous year tax return, now is the time to do it.  Do not delay, as the longer you wait the more you will owe.  Penalties and interest continue to accrue every day you do not have your previous taxes filed.  Basically, you need the same information you need to file a current year return.  However, pulling the information together for a previous year tax return can be more challenging.  After the year has come and gone, it may be difficult to remember some information, and documentation can be difficult to find.

The best way to start is to go down the list and consider it in light of the previous year.  Think first of those uncommon items that may not occur every year.  Some examples include gambling winnings, inheritances, land sales, etc.  These are common for some, but not for all.  It is imperative that you consider each and every possible source of income and deductions for a previous year tax return to avoid forgetting something essential.

Next, contact a professional.  While it is never really prudent to complete you own tax return, if you have an extremely easy and straight forward return you may be able to get away with it.  However, this will not be the case with a previous year tax return.  The fact is, even if it appears to be easy, the intricacies of filing previous tax returns can get complicated.  Having professional help to help mitigate the risk of costly mistakes is wise.

Finally, turn it in as soon as possible.  Anticipate that you will owe penalties and interest, and get on a payment plan as soon as possible.  During the filing process, if you realize you could owe a significant amount of money, it would be a good idea to get prepared.  Sell things you no longer use, look for sources of extra income, and start saving so you can pay off as much as possible at once.  This will reduce the amount of any monthly payment you may end up with, and you may be surprised.   You may even end up with enough to pay it off completely.

We are a CPA firm and we deal specifically with clients who need help filing prior tax returns.  Have a question? Call us now for a FREE consultation at 1-888-570-1033.

Prior tax problems related to not filing on time are surprisingly common.  It can be difficult to get it together after a traumatic event or some other situation prevents you from filing your taxes in time.  Suddenly it is time to file your return for the current year and you realize you still have not filed the previous three.  It can all become very overwhelming very quickly.  The best way to attack prior tax problems is quickly, but with baby steps.

Start by finding a CPA.  Do not try to handle prior taxes alone.  You need a reputable, capable CPA on your side.  It is best to find one that specializes in filing prior year taxes.  Verify that they are licensed, and that their training and license is up to date.   Start by talking to family or friends that you may know have had tax issues before.  If you do not know of any, just ask others who they use.  You do not have to reveal any details about your own situation, but the word of others is the best place to start with any service provider, and CPAs are not excluded.

Make some phone calls and find someone you are comfortable with both professionally and personally.  You need to know they will do the job right, but also that they will treat you with respect.  This is another reason that finding someone who works with prior tax problems frequently is a good idea.  They have likely seen it all, and they will simply get the work done that needs to be done.

Once you have a CPA to work with, they will ask for all of your prior tax information.  They will go through it and ask for any other information they may need.  They may also have to contact you frequently with questions.  The more cooperative you are, the better able they will be to help you with your prior tax problems.

Once the return is filed, you will likely owe a great deal in penalties and interest.  At this point, you can work out a payment plan with the IRS that meets your needs.

We are a CPA firm and we deal specifically with clients who need help filing prior tax returns.  Have Questions? Call us now for a FREE consultation at 1-888-570-1033.

 

The short answer is, if you need to file prior returns, you need help from a CPA.  Still, it is understandable that some would want to take the chance and do it themselves.  Many do not see it as taking a chance at all, but rather they see using someone to do work they feel capable of doing themselves as lazy.  The feel it is a waste of money to pay someone to do a job they can do themselves.  The problem is, this is not like cleaning a home or mowing a lawn.  Even if you have the time to file your own prior returns, you are likely not as qualified to do so as you may think.

That is not to say that anyone who is not a CPA is not intelligent, but CPAs are specially trained to mitigate the many risks involved when it comes to prior year returns.  If you have very simple returns that you have simply neglected to do, it may be fine to do them yourself, but there are some signs to look for that may indicate you especially need to enlist a professional to help.

The first sign is that you may need some help when you file prior returns is that you are not sure where to start.  Another sign can be that you get started, but you still have a nagging feeling that you are missing something.  Though it is possible you are not, it is more likely when it comes to prior taxes that you are.  Hiring a CPA to help file prior returns offers peace of mind, and it can actually save money in the long run.

Of course you have to pay for the services, but if you file prior returns yourself and miss something, you could cost yourself a lot more in the long run.  Filing returns late increases the amount owed anyway with penalties and interest.  The last thing you need is to miss a deduction, or leave out income that could result in even more penalties.  Spending the time and money necessary to get a CPA on board in the beginning is well worth it.

We are a CPA firm and we deal specifically with clients who need to file prior tax returns.  Call us today for a FREE consultation at 1-888-570-1033.

If you need to file prior tax returns, you may not know what to expect once you get them done.  It can be frightening to know that the law has been broken, and a sizeable amount of money is owed.  It may not be as bad as you think however, as basically the IRS just wants their money.  If you get the prior taxes filed, they will work with you on getting the debt paid in a way that your budget can handle.   The important thing is to get any prior tax returns filed as quickly as possible so that you can stop incurring penalties and fees and get on a payment plan.

The payment options vary based on the specific circumstances.  If you have certain hardships that have caused you to neglect the need to file prior tax returns, there are possibilities such as an abatement or an Offer in Compromise.  Do not file in anticipation of getting either of these options approved, as they can be difficult, but for very specific situations noted in guidelines set by the IRS, they can happen.  In abatement, the penalties and interest associated with late payment are waived.  An Offer in Compromise is a situation where the IRS accepts less than what is owed as full payment of the debt.

For most, an installment payment plan is going to be the only option.  There are two different types available. The most common is a standard plan comprised of equal monthly installments over a period of 3 to 5 years.  However, for budgets that may not be able to handle the amount of an equal installment each month, there is a step-up plan option.  In this plan, the installments start out lower and increase over time, presumably as income increases.

While no one looks forward to paying taxes, the need to file prior tax returns is as much a legal one as a financial one.  There are options, and though you can expect that the amount owed will be more than it would have been had the prior year taxes been filed on time, you will most likely not have to pay the whole amount at once.  So if you need to file prior tax returns then make sure you get them done ASAP.

We are a CPA firm and we help clients who need to file prior tax returns.  Call us now for a FREE consultation at 1-888-570-1033.

Can you just imagine?  That dreaded letter that you are about to be audited has just come in the mail.  Even if you have everything completely in order and nothing to hide, there is likely still a sinking feeling in the pit of your stomach.  Nobody wakes up in the morning eagerly anticipating being audited.  It could happen however, and even the most prepared cringe.  Those who are not prepared, however, could fly into full fledge panic.  One of the major issues if you are going to be audited is prior year taxes, especially if they have not been filed.

Though this will not be fun, there really is no reason to panic.  The first thing you need to do is gather all of the information you anticipate you may need.  This could include receipts for medical expenses, charitable contributions, and documentation of income.  Anything you anticipate could possibly be needed, get it.

The next step is to find a reputable CPA that is experienced in dealing with prior year taxes, if you do not have one already.  It is not likely that you do if you have prior taxes that are not filed.  Ask around, check the yellow pages, or just call around if you cannot find a good reference.  You can tell a lot by simply talking to someone.  If the CPA treats you with respect regardless of your situation, that is a good sign.

Once you settle on a CPA, he will go through the information you provide and inquire about other information he may need.  For the purposes of filing prior year taxes before an audit, expect to spend a lot of time either with the CPA or on the phone with them.  There will be many questions that only you can answer in order to get the information needed to file prior year taxes.

The problem is that if you have already been selected for an audit, you are likely not going to have this done before the auditor arrives.  Your best bet at this point is to show due diligence and an effort to get the job done, done right, and not make the same mistake twice.

We are a CPA firm and we help clients who need to file prior tax returns.  Call us now for a FREE consultation at 1-888-570-1033.

With each passing day that filing prior taxes is put off, the amount owed grows with penalties, fees, and interest.  Other than the fact that it is illegal not to file your taxes, this is the number one reason to get moving.  The massive amount of work and information often needed to file prior tax returns, however, can be so overwhelming at times the many cannot even imagine where to start.  This is where having a CPA on board to help can be very beneficial.

When trying to find a CPA that will help you with filing prior taxes, it is important to look for certain characteristics.  First, of course, you want to verify that they are certified and that their license is up to date.  If it seems that something is amiss, check into it.  This is not the time to be ignoring gut feelings, as you need a reputable and qualified professional for this type of undertaking.

It is also extremely helpful to find a CPA that specializes in filing prior taxes.  If this is something they work with often, they will know what to expect and you will likely feel more comfortable discussing the issues that put you in the situation to owe prior taxes.   The process of finding such a CPA can itself be daunting, but there are simple steps that can make it less stressful.

Asking around can be awkward due to the sensitivity of the particular situation, but if you are aware of family or friends that have had issues with filing prior taxes in the past, ask them who they used.  If they were happy with the service they received, you will likely be pleased as well.  You can also look for online reviews, and call firms that advertise prior taxes as an area of expertise.  Find a few to sit down and discuss the issue with, and make your decision based on how you were treated along with their capabilities and qualifications.  You want someone who will not make you feel uncomfortable, but who absolutely knows how to do the job right.  Filing prior taxes may be easier than you think.

We are a CPA firm and we help clients who need to file prior tax returns.  Call us now for a FREE consultation at 1-888-570-1033.

The question is relative actually.  Is it ever too late to file tax returns from prior years?  There could very well come a time when failing to file prior year tax returns will come back to haunt you, and there will be nothing you can do.  However, that time could be a long time coming, and it is usually possible to remedy the situation before it gets to that.  That does not mean that there will not be consequences, but those consequences are better than the ones that could come with never filing.

If you have prior year tax returns that need to be filed, frankly the sooner you get it done the better.  This is especially true if there is a sizeable amount that will be owed.  The reason is, the longer you put it off, the larger that amount gets.  Penalties and interest add up fast, and the longer you put off some sort of payment agreement with the IRS, the worse it gets.  Also, the faster you get the returns filed, the more chance you have for qualification of special payment programs such as an Offer in Compromise or abatement.

Other reasons include not being eligible to claim refunds, though the IRS will take what is needed to cover any debt owed.  When the time comes that the refund would be yours to keep, you would likely want to be able to do that.  Also, the risk of being audited is always looming, and it is much better to have your tax business in order before that time.

While it can be overwhelming, there is no reason to do it alone.  A CPA can help you get things back in order and on the right track so that you can get business settled with the IRS.  It is amazing how it feels to get the payments moving so that you can be out from under the weight of owing back taxes from prior returns.  A professional tax accountant can also offer tips and help for keeping things from getting to this point again, and can even make sure you are not paying a penny more than you have to.  In the end…get your prior year tax returns filed ASAP.

We are a CPA firm and we help clients who need to file prior tax returns.  Call us now for a FREE consultation at 1-888-570-1033.