IRS TAX FILING & RESOLUTION HELP
UNFILED TAX RETURNS
Falling behind on tax returns can lead to IRS notices, penalties, estimated tax assessments, and collection action. Switchback Accounting can determine which returns need to be filed, prepare your missing returns, and help resolve any resulting tax debt.
WHAT HAPPENS IF YOU HAVE MULTIPLE YEARS OF UNFILED TAX RETURNS?
Falling behind on tax filings can feel overwhelming, especially when you need to catch up on several returns. Unfiled returns can lead to penalties, IRS notices, tax assessments, and collection activity when taxes are owed.
In some cases, the IRS may prepare a Substitute for Return (SFR) based on information reported to them. Filing accurate missing returns allows us to determine what you actually owe and begin addressing any remaining tax problem.
GETTING CAUGHT UP ON MISSING TAX RETURNS
Getting back into compliance starts with determining exactly what needs to be filed. We help you identify the missing returns, prepare them accurately, and address any tax problems that remain once the returns are filed.
1. IDENTIFY WHAT’S MISSING
We review your filing history and available IRS records to determine which tax returns need to be filed.
2. PREPARE THE RETURNS
We gather the necessary information and prepare the missing returns accurately, including applicable deductions and credits.
3. ADDRESS WHAT YOU OWE
Once the returns are filed and the tax liability is known, we evaluate the appropriate options for resolving any remaining balance.
WHAT IF THE IRS FILED A SUBSTITUTE FOR RETURN?
If you have not filed a required tax return, the IRS may eventually prepare a Substitute for Return (SFR) using income information reported by employers, financial institutions, and other third parties.
An SFR will not give you the benefit of deductions, credits, or other tax treatment you could claim on a properly prepared return. In many cases, you can still file your own accurate return to replace the IRS-prepared return and establish the correct tax liability.
WHAT HAPPENS AFTER THE MISSING RETURNS ARE FILED?
Filing your missing tax returns is an important step toward getting back into compliance, but it may not completely resolve the problem. If the completed returns show that you owe taxes, the next step is determining how to address the balance.
Depending on your circumstances, your options may include an IRS payment plan, Offer in Compromise, Currently Not Collectible status, or penalty abatement. We evaluate the available tax resolution options and help determine an appropriate path forward based on your situation.
REAL RESULT: 11 YEARS OF UNFILED TAX RETURNS
A taxpayer came to us with 11 years of unfiled returns and an IRS assessment of more than $180,000, including penalties and interest. After preparing the missing returns and correcting IRS-filed Substitute for Returns, the assessed balance was reduced by approximately $55,000 and the taxpayer became eligible for an installment agreement.