If you have not filed your personal or business tax returns, you have a very serious problem. The most important solution is to immediately prepare and file the returns. The largest penalty the IRS imposes is for not filing tax returns. The penalty can be as much as 25% of what you owe.

If you do not file your tax returns, the IRS will do it for you. Income information on you is reported to the IRS from many sources. This information is used to prepare your unfiled tax returns under the “substitute for return” program. The IRS will figure your taxes to its benefit, not yours. The returns are filed with no credit for expenses, deductions or other tax benefits. In most cases, this procedure results in very large erroneous assessments. Once the tax is assessed, it can be difficult to correct the error.

If you voluntarily file returns with an unpaid balance, the IRS has 10 years in which to collect. There is no time limitation on collection for returns prepared under the substitute for return program. You will owe the tax forever.

Our experienced staff can find out what has been reported to the IRS. With this information, it is possible for us to prepare accurate returns even if you have lost your income records. We have solutions!

You should contact us as quickly as possible so that we can get started and avoid even more serious tax problems and compounded penalties down the road.

You can reach TPS by telephone at 678-518-4442; toll free at 1-866-518-4442; by fax at 678-518-4064 or email at taxspecialists@bellsouth.net.