Unfiled Tax Returns & "Substitute For Return"
Simply neglecting to file your tax returns won’t make them go away. The tax authorities can and will enforce an IRS Substitute for Return, which allows them to use your bank deposits as your gross income. If you have unfiled tax returns and the Internal Revenue Service enforces a substitute for return, you cannot take advantage of any deductions and your tax liability will be wildly exaggerated. In the case of a business owner this can be very serious. With a tax liability that is outrageously overstated and no ability to pay for it, the tax authorities can eventually seize your property and close your business.
It’s not too late to get tax relief and turn things around, but you must act fast if you want to get the business tax relief you need. If you already have an unfiled tax return you can expect to receive some very alarming communications from the tax authorities concerning your debt if you haven’t already. If your business has gross receipts of $500,000, for example, they will enforce a substitute for return based on this amount without allowing you to expense anything, even if you didn’t earn a dime of profits after all was said and done. In this example, you would owe $150,000 in taxes, and that doesn’t even include interest and penalties.
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Making matters worse, the statute of limitations does not begin when the IRS Substitute for Return is entered. Statutes of limitations generally limit the time the IRS can make tax assessments to within three years after a return is due or filed, whichever is later. An actual return must be filed before the statute can begin. In the meantime, you will still be susceptible to IRS tax audits, adjustments of additional taxes and collection attempts.
The team here at Tax Relief Specialists can file a return that shows your true operating costs and help you avoid falling into this money trap, but only if you act fast. Our experts will speedily submit our own return for you and have the substitute for return reversed. But if you wait too long to get the business tax relief you need, the IRS can seize your assets and shut down your establishment.
Call now at 1-800-405-8360
We promise it will be a painless and beneficial experience!
As soon as you call, a personal tax professional will be attached specifically to your account from start to finish. Your assigned tax professional will go over the particulars of your account and outline the best path to take for your situation. Please tell them about any certified mail, or any other concerning forms of communication you may have received, so they can prepare your account and address all of the issues that you currently have. Do not second guess this opportunity. Now is the time to get that tax relief you need. Give us a call and help is on the way!