Unfiled Business Income Taxes Tax Preparation Chicago Illinois

August 25, 2015
 
Unfiled Business Income Taxes Tax Preparation Chicago Illinois
 
So you have unfiled business income tax returns. What do you do?
 
Should you ignore it? Do you think that it will go away by itself?
 
If you do not file your unfiled business income taxes tax preparation chicago illinois , the Internal Revenue Service will file returns for you. They will look at what they have on file for your business, including any 1099’s, and will create a return on your behalf. They will pick up all of the income, and no expenses will be deducted. They will then compute the income tax, penalty, and interest and send you a letter asking you if you agree with their findings. You will have 30 days to respond if you do not.
 
Why would the IRS do this? Because they cannot begin the collection process if they cannot first establish a balance to collect. If you do not respond within the 30 day period, they will assume that the number they have is correct and begin the collection process. As unfair as this is, it happens every day.
 
What happens in the collection process? They begin with computer generated letters. If you do not respond, it may be referred to a Revenue Officer for collection. That officer will try to contact you by telephone or will go to your last known address. If the process continues they will first file a Federal Tax Lien. If the lien goes unanswered, they may send out a levy to your bank, The bank will have no choice but to respond to the levy, cleaning out your checking and savings accounts.
 
And all of this may be based upon a collection balance that is completely wrong.
 
You have options. As a Public Accounting Firm of CPA’s and Enrolled Agents, we have been helping clients like you keep the IRS off of their back and get back into compliance for over 25 years. We have several options to help put Payment Plans into place where you would be able to repay the amount in three to five years, do an Offer In Compromise where we could help reduce the debt by anywhere up to 90%, or to help with other legal options including providing time to get your finances back into order.
 
Unlike many firms, we do all of this on a flat monthly fee basis.
 
Handling your unfiled business tax returns is a two pronged approach. First we have to get you back into compliance. Meanwhile we have to deal with the taxation agencies. Either way, ignoring it will just make it worse. You have options. Stop the harassing letters and telephone calls. Stop the liens and levies. Stop the unscheduled visits from Revenue Officers.
 
If you are having problems with your Unfiled Business Income Taxes Tax Preparation Chicago Illinois or have issues with your accounting in general, we would love to help. I enjoy hearing from my readers, and can be contacted at
 
Chris@AccountingSolutionsltd.com
 
Additional Accounting Articles and information on my firm can be found at
 
www.AccountingSolutionsLtd.com
 
Chris Amundson is the President of Accounting Solutions Ltd., a full service public accounting firm of Certified Public Accountants and Enrolled Agents handling the bookkeeping, accounting, tax preparation, and audit representation needs of Businesses, Estates, Trusts, and Upper Income Individuals.