Tax Returns - Current & Delinquent
The attorneys and Certified Public Accountants at Moskowitz LLP, A Tax Law Firm have successfully prepared tens of thousands of current year and delinquent individual income tax returns, corporate tax returns, partnership tax returns, trust tax returns, and estate tax returns. Our goal is to aggressively and legally limit the tax liability of our clients to the lowest amount legally permitted.
There may be significant advantages in having our law firm prepare your tax returns for any year in which large or complicated transactions occurred. Our office could advise you on the advantages and disadvantages we believe would apply to you in taking certain positions on your tax returns.
Delinquent Tax Returns
The attorneys at Moskowitz LLP, A Tax Law Firm have successfully prepared tens of thousands of delinquent tax returns for taxpayers. Our staff of attorneys and certified public accountants has substantial experience in the preparation of multiple year delinquent tax returns. The attorneys at our law firm can explain how to legally prepare delinquent returns for clients who have lost part or all of their records.
Willfully failing to file required tax returns are both federal and state crimes. If you are caught and convicted, you could face prison, substantial monetary fines and penalties, and then the assessment of the taxes along with additional substantial civil penalties and interest. Preparing and filing past delinquent tax returns is often the first step needed to take advantage of the Criminal Tax Voluntary Disclosure Program offered by the Internal Revenue Service and state taxing agencies along with other programs like Offers in Compromise or Installment Payment Agreements which are designed to help taxpayers get a fresh start.
If a taxpayer does not file tax returns, the Internal Revenue Service and applicable state tax agency may simply make up a tax return for each year not filed and assess taxes, penalties, and interest based upon this return which may be far more than you actually owe. The taxing authorities may then begin collecting until the amounts are paid through wage garnishments, bank levies, and seizure of property. This process can be financially catastrophic because these returns made up by the Internal Revenue Service and state tax agencies may fail to take into account exemptions for spouses and children, deductions for home mortgage interest, legitimate business expenses, and even cost basis for real property and stocks.
As a result, it is common for taxpayers who fail to file returns to receive erroneous tax assessments of hundreds of thousands and even millions of dollars. In some situations, a taxpayer may actually be owed a refund even though the Internal Revenue Service or a taxing agency claims a balance is due. However, unless a claim for a refund is timely made to the Internal Revenue Service or state taxing agency, the refund is forever forfeited because of the statute of limitations.
There typically may be options for dealing with delinquent income tax returns, tax bills, penalty assessments, wage and bank levies, and tax liens. However, as a general rule, the longer the problem festers, the more difficult and complicated it may become to resolve. Therefore, if you have failed to file tax returns or have some other tax problems, we want you to contact the attorneys at Moskowitz LLP, A Tax Law Firm for an attorney client privileged consultation either in person or by telephone.