According to statistics from the 2019 Internal Revenue Service Data Book, more than 11 million Americans owed over $125 billion in back taxes, penalties, and interest to the IRS in 2019. Unfortunately, millions of Americans continue falling behind on their taxes every year. Filing past-due returns keeps you from facing further penalties and interests, helps you avoid issues when seeking loans, and protects your Social Security benefits.
If you need help with unfiled tax returns, it is important to speak with a knowledgeable Nevada tax law attorney for proper guidance. Scott N. Tisevich, Attorney at Law, is dedicated to providing comprehensive legal guidance to clients in tax-related matters. He is available to discuss the details of your situation and help you explore all of your available legal options to file your past-due tax returns or get relief. If you need assistance resolving a tax issue, he can offer you the detailed legal counsel and advocacy you need to navigate key decisions.
Scott N. Tisevich proudly serves clients throughout Reno, Nevada, and surrounding areas of Churchill County, Carson City, Lyon County, Douglas County, and Las Vegas.
Taxes are quite complex. Several factors (late filing, lack of funds, failure to file, errors in tax calculations, under-withholding, or other justifying circumstances) cause people to continue to fall behind on their taxes. If you owe back taxes, here are some reasons to deal with your unfiled taxes as soon as possible:
Filing past-due returns helps you limit or avoid late payment penalties and accumulation of interest charges.
Filing past-due taxes makes you eligible to claim a tax refund. This is because refunds can only be claimed within three years.
Filing back taxes can help protect your Social Security, retirement, or disability benefits.
Filing unfiled taxes can help prevent delays in loan approvals or potential issues when obtaining loans.
If you fail to pay your back taxes, possible penalties include:
The IRS may seize your assets and property
The IRS may place liens on your property
The IRS may garnish your wages or levy your financial accounts
The IRS will charge you a failure-to-pay penalty
If you own more than you can pay in back taxes, there are available options for you to get relief.
Taxpayers who are able to pay off back taxes using monthly payments can enter into a payment or installment agreement with the IRS to settle their past-due taxes. Through a payment plan, the IRS affords taxpayers more time to settle tax debts. Depending on the amount owed, you can choose between a short-term or long-term payment plan.
Short-term Payment Plan: This is the payment agreement option for taxpayers who owe $100,000 or less in combined taxes, penalties, and interest. It is to be paid within 180 days or less.
Long-term Payment Plan: This is the payment agreement option for taxpayers who owe a maximum of $50,000 in combined taxes, penalties, and interest. It is to be paid monthly until the used amount is paid in full. This is also known as an Installment Agreement.
Additionally, taxpayers owing past-due taxes can get relief through the "offer in compromise" (OIC). It offers you the opportunity to pay off back taxes for less than the amount you owe. IRS will reduce your debts through a settlement offer. This may be the right option for you if:
You are not able to settle past due taxes
Paying the tax debts will put you in financial hardship
Filing unfiled tax returns, resolving tax debt issues, and other tax problems involve several complicated procedures. It is not advisable to go about the process on your own. When trying to file past due tax returns, consulting with a knowledgeable tax law attorney can mean the difference between resolving the tax problem and making things worse.
Attorney Scott N. Tisevich has dedicated his career to providing experienced legal services and guiding clients through the complexities of filing unfiled tax returns. As your legal counsel, he will review your personal situation and determine the ideal option to pay your back taxes or get relief. He can also help you prepare and file your previous year's income tax returns and annual taxes. Scott N. Tisevich can provide you the detailed legal guidance you need to file your past-due taxes.
If you need assistance filing unfiled tax returns, contact the Law Office of Scott N. Tisevich today. Attorney Scott N. Tisevich and his legal staff can offer you the legal counsel and strong advocacy you need to navigate critical decisions. He is proud to serve clients throughout Reno, Churchill County, Carson City, Lyon County, Douglas County, and Las Vegas, Nevada.