Current & Delinquent Tax Preparation
Our Attorneys and Certified Public Accountants (“CPAs”) successfully prepare thousands of current year and delinquent individual income tax returns, corporate tax returns, partnership tax returns, trust tax returns and estate tax returns. As Steve Moskowitz says, “we prepare good, aggressive tax returns within the bounds of the law.” Moskowitz LLP believes in benefiting from every advantage and incentive that the tax law provides.
There are two purposes of the tax law; first is the collection of revenue by the IRS and FTB. Second is a system of economic incentives providing a wide variety of tax deductions and other benefits. We demonstrate benefits to you and how to take advantage of them.
There are significant advantages to having our law firm prepare your tax returns for any years when complicated and/or large or transactions occur.
Delinquent Tax Returns
Willfully failing to file tax returns is a federal and state crime. If you are caught and convicted, you could serve prison time, criminal and monetary penalties, and have a subsequent tax assessment plus substantial civil monetary penalties and interest. Preparing and filing past delinquent tax returns is often the first step in resolving your tax situations, whether it be in light of a criminal or civil investigation or in an effort to avoid one.
Further, many people are subject to enforced collection activity even though they have never filed tax returns. This can happen because the IRS, and any applicable state tax agency, can create a tax return for each year the taxpayer does not file, and then apply taxes, penalties and interest based upon this return; this can be far more than you actually owe. The taxing authorities can then collect via wage seizures, bank levies, and real and personal property seizures. This process can be catastrophic because the government Substitute For Return (“SFR”) will likely fail to account for spousal and child exemptions, home mortgage interest deductions, business expenses, real property and stocks cost basis, and many other deductions and benefits.
As a result, it is common for people who fail to file returns to receive erroneous tax assessments for incredibly large amounts of money. In some situations, a person may be owed a refund even though the IRS or a taxing agency claims a balance is due and, unless a timely claim for a refund is made to the IRS or state taxing agency, the refund is forfeited because of the statute of limitations.