In the real world people pay little attention to records. Maybe they keep receipts in a box, or stuffed into a file cabinet, or they don't keep records at all. This becomes a problem when their return is selected by the IRS for an audit, or they find out that they owe much more than they thought they would.
What if I find out I that I owe money, and can’t afford to pay?
If you don't have the money to pay, this could be the best time for us to settle your back taxes….not in the future when you have money. Many people are surprised to find out that you can actually negotiate with the IRS. There are options.
- Offer in Compromise – A one time, lump sum payment to the IRS for less than what your tax bill is.
- Installment Agreement – A montly payment plan.
- Currently Non-Collectible Status – If you can prove to the IRS that you do not have the means to pay.
- Bankruptcy – While it sounds scary, for some people it is a viable option.
What if I get audited and don't have records?
Sometimes people don’t hold on to their records. Sometimes they lose them in a flood or fire. Whatever the case, there is hope. W-2s, 1099s, 1098s, K-1s, etc. are all going to be on your IRS records. We can also get an IRS report on you called a W & I Transcript that can tell us all of your income and withholdings.
Also, we can use your bank records. We also use an IRS approved tool to get industry averages if you are missing records. It helps us get general guidelines of costs, deductions, etc. It is completely legal and a tool we use in audits when there are missing records. One of the reasons people hire us is because we are able to complete tax returns that others thought too difficult or impossible to complete.
If you are being audited, or if you have a tax debt that you can't afford, contact us to set up your free, confidential consultation. Call us at 888-727-8796 or email firstname.lastname@example.org.