Not filing a tax return is one of the worst things you can do in the eyes of the IRS. Whether you forgot or willfully ignored them, unfiled tax returns can be considered a crime, with punishments of up to $25,000 in fines and a 1-year prison sentence for each unfiled tax year. But instead of avoiding them, unfiled returns should be prepared as soon as possible to limit the accumulation of penalties and compound interest. Direct Tax Relief can prepare unfiled tax returns, correcting them so you can gain relief and reduce your tax debt.
When you don’t file returns on time, the IRS will file Substitute for Returns (“SFR”), based on 3rd party information such as W2, 1099 or K-1 forms. You want to prevent the IRS from filing an SFR return, because they will not account for valid deductions such as business expenses that you are entitled to, thus inflating your tax, penalties and interest owed. If the IRS does file a substitute return on your behalf, the tax professionals at DTR can still prepare and file your actual return – possibly saving you thousands of dollars in tax, penalties and interest.
With 2,600 approximate pages in the US Tax Code, 105 instruction pages to fill out a 1040 Form, and more than 5,000 code changes, taxes are complicated. And it can get even more complicated if your taxes have been impacted by divorce, multiple businesses, investments, or partnerships. At Direct Tax Relief, our experienced professionals have been making the tax process easy for our clients for over 15 years.
Our tax preparers are able to prepare individual as well as complex business tax returns, which include the following: Form 1040, Form 1040NR, Form 1040 with Schedule C and Schedule E, FBAR FinCEN Form 114, Form 1065, Form 1120, Form 1120S, State income tax returns, State sales tax returns and Form 940, 941 and 944 payroll tax returns.