It's amazing how the simple things in life become difficult. Estimated tax payments may be required throughout the year and time just gets away from you. You miss the first one and it makes it so much easier to miss the next, and the next, and the next. This can occur for individuals or businesses alike. You may need further assistance from a tax professional to get back on track or run interference with you with your state or local tax authority. It's time to take the pressure off and develop the appropriate plan to handle situations like this because this problem definitely will not solve itself.
Another scenario is that you just did not file federal or state tax returns for one reason or another…..you may have even have inadvertently just forgotten to do so. This actually happens more than you realize. Once you have failed to file the necessary state and/or federal tax returns, both interest and penalties are applied which can severely increase this debt. If these arrearages are not satisfied, additional penalties and interest continue to accrue. YOUR NEED HELP. We are so fortunate to have access in-house to excellent tax service representation in the form of a CPA who can review your entire tax history and determine your actual liability. Then he can start the process of negotiating your individual case with either federal and/or state tax representatives and secure the best possible reduction and repayment plan in installments available that the taxing authority may agree to. Hopefully, an OFFER IN COMPROMISE can be submitted where the amount owed, penalties and interest can be reduced and you can return to a normal filing practice after remediation of your existing federal and state tax issues.
The dreaded IRS audit is another possibility which can put you under such stress and anxiety that you feel you have nowhere to turn. The Internal Revenue Service can actually take your wages, bank account and other assets without even having an initial hearing. You should definitely speak with an experienced attorney and have access to CPA advice to determine your best course of action, which may include bankruptcy to cancel or payoff your debt in three to five years legally.
In any event, if you are experiencing any of the aforesaid tax issues, now is the time to speak with a profesional to discover your viable options. This will not go away. It will only get worse. Let us help you resolve any outstanding tax issues so that you renew your path to success.
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Mr. Cerbone is Board Certified Bus. Bankruptcy Attorney - American Board of Certification