Back Taxes

Owing back taxes to the IRS can happen due to various reasons:

• Failure to make estimated quarterly income tax payments or paying too little if you’re self-employed.
• Not filing tax returns for any of the past several years.
• Taking an exemption you were not entitled to have or making a mathematical error on your tax return, which can either lessen the amount you actually owed or increase your refund.
• Miscalculating payroll tax deposits or failing to make timely payments if you’re a small business owner.

While often stemming from honest mistakes or ignorance, the IRS doesn’t accept these as valid excuses for non-payment.

How to Determine Your Back Taxes:

When notified of a delinquent tax obligation, you need to:

• Request a Record of Account from the IRS, which may take approximately two weeks to receive.
• Complete Form 4506-T to request a transcript of tax returns.

Settling Back Taxes:

Being proactive is crucial if you owe back taxes. Securing the services of an Tax Resolution Expert demonstrates to the IRS your initiative to resolve the problem. Tax Resolution Experts at Yarborough can negotiate a settlement or repayment plan on your behalf, leveraging their insider knowledge of the IRS.

Benefits of Working with an Tax Resolution Expert:

Receiving an unexpected letter from the IRS can lead to panic, but working with an Tax Resolution Expert ensures informed decision-making. With firsthand experience working for the IRS, Tax Resolution Experts are well-positioned to negotiate the best possible settlement or repayment plan.

Many Tax Resolution Experts at Yarborough gained firsthand IRS experience before representing taxpayers, providing unique insight not found in CPAs or tax attorneys. Contact our office for a review of your back taxes and to learn more about how we can help.