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  • Unfiled Tax Returns

    Tax Masters Review: Unfiled Tax Returns

    By no means are these Tax Masters reviews to be mistaken for a guarantee of results. Each case is different and each taxpayer’s experience with the IRS will be different, even if all things are equal.

    Tax Masters Review

    Client contacted us on October 1, 2007. Client had ten years of past-due returns and had received substitute for returns (SFRs) from the IRS, which is where the IRS uses their best guess to estimate a taxpayer’s income, and assessed Client a $148,385 tax liability. Client had no way to pay liability and wanted to attempt an offer in compromise. The Tax Masters tax consultant counseled Client to first let us file his past-due tax returns to see how much we could save him before jumping into an offer in compromise, which would have settled debt he may not owe. Client agreed. After Tax Masters worked with Client to prepare unfiled tax returns and sent them in, IRS notified Client in May 2009 that they had adjusted the amount Client owed to only $42,860 including all penalties and interest.

    Client Result

    Tax Masters saved Client $105,525 with great tax preparation work on past-due tax returns.

    Tax Masters Review

    Client used the Contact Us form on our website on November 2, 2005. A Tax Consultant called him back early the following morning to discuss the tax issues. Client had several years past-due tax returns and had been sent several notices by the IRS indicating they had changed the amount Client owed. Client waited until IRS revenue agent had placed levies against Client’s business account receivables and Client was concerned about making payroll for employees. Tax Masters was able to quickly put together updated returns for the years in question and was successful at getting the IRS revenue officer handling the case to release the levies on Client’s business. This allowed Client to make payroll and to continue to run business while Tax Masters continued to work on getting client back into compliance.

    Client Result

    Tax Masters was able to negotiate a quick release on the Client’s business and account receivables, enabling Client to make payroll and stay in business. This is an example of how Tax Masters can work with a business owner to regain compliance quickly so the business can stay afloat while working through the whatever tax problems still remain.