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hi this is IRS tax relief attorney
Anthony Parent of Parent & Parent, LLP, the IRS medic.
and in this video are we talking about the four things you need to know about
filing back taxes with the IRS the first thing
is that if you don't file your taxes the IRS will do something that's called
a substitute for return an IRS peak
we call this an SFR
the IRS tries to assume the worst tax bill you can imagine
they send you notices to say hey file your taxes before we do it for you
you're not going to like what we charge you course if you ignored these notices
about your unfiled tax returns
we totally understand as these IRS notices are hard to understand and can get
really scary
unless you deal with them every day like we do but important thing to understand
is that when you file
the correct return to lower your SFR assessment what that technically is
is something called in audit reconsideration not trying to scare you
no it's not like an iris field audit with someone all in your business
the reason I mention it is that the IRS does give a bit up extra scrutiny
to the return process so it is important that the returns are done very carefully
when you file past due tax returns your return processing needs supervision
either by you if you're up for it or a tax resolution professional
the second thing is time did you know that if you don't file your taxes the
iris has forever to assess tax against you
for example if you don't file tax in 1988 the irs could
I'll your taxes with it SFR right now
now if you do you file your taxes the IRS effectively
only has six years since you're filing date: to assessed
anything additional so what you need to know is if you don't file you back taxes
you are leaving a potential tax bill open in
definitely so it's important you act quickly the third thing is time again
if you have a refund coming to you for a tax return you only have a limited
amount of time to claim
that refund when you file your return there are two rules at play
first is the two-year rule if at anytime the last two years you pay the IRS money
you can claim that as a refund so let's say that the irs levied your bank account
for a thousand dollars last month
for tax bill you owe from 2001 if you file your tax return now
you know that you actually wouldn't owe money as long as you file within these two year
period
you could get that thousand dollars back that's pretty nice well I guess if you
don't mind the IRS
going through your business and taking your money however if you wait more than
two years to fire back taxes after payment the IRS will keep your refund
unless the three year rule applies the three-year world rule
works like this you cannot claim a refund for tax return that was
due more than three years ago right now it is June 2013
if you try to claim a refund for the tax year 2010
you never filed an extension guess what if is
if it is after April 15th 2013 if the IRS
owed you one million dollars they would keep it all and there's now
one thing you could do about it or I suppose
their is one thing the fourth thing you need to know
about on unfiled tax returns is documents you may be wondering well I'd love to
file on my old tax returns but i lost all my tax
documents well text attorneys like ourselves have a couple tricks
be used to file all tax returns properly first we can request
any missing tax forms like deputies 1099 mortgage interest payments
from the IRS second if you are missing business records
there are proven legal ways to recreate documents that will be accepted by the
IRS
during your audit reconsideration so hopefully you get it now
if you haven't filed returns act quick don't let missing documents get
in the way all of that that can be dealt with totally legal
with no problems down the road member when it comes
on file tax returns the IRS rules are written to favor the IRS
so do yourself the biggest favor you possibly could today
and take action you are not sure that you can do all of this yourself
you don't fully understand the rules hire a tax specialist
knows how if you have been procrastinating
and you can't quite make any positive action
here's one simple idea give my office a call at
888-477-4258 or shoot an email to
info@irsmedic.com tell my people you watched this video on unfiled
tax returns and we'll take care of you
and your worries this is Anthony Parent of Parent & Parent, LLP, the IRSmedic.com
I thank you for watching