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Sage advice for those who haven't filed their taxes yet

The end of tax season came quickly and abruptly last week. Indeed, the days leading up to the federal income tax filing deadline may have been very stressful for procrastinators. Those who completed and filed their returns should breathe easy. But for those who did not file, the stress may only be starting. The consternation over owing money, while not having it, can be more than one person can bear. No wonder what tax day is one of the most stressful days of the year.  

If you haven’t filed your return, do not despair. IRS agents are not going to descend on your home or business like a squadron of stormtroopers. After all, you have several options available to you. This post will highlight a few of them. 

Seek an extension – Despite what you may feel right now,not being able to pay your tax bill right away is not the end of the world. Scores of people face the same situation every year (and sometimes in consecutive years). This is why an extension is a good option. An extra few months to pay your tax bill could be just the thing to make things right.

Set up a payment schedule – You may also find that setting up a payment schedule may help in alleviating the debt in a manner that can fit your budget.  As long as your remain current on your plan, the government should not have an issue.

Agree to an Offer in Compromise –You could reach an agreement with the federal government to pay less than what is actually owed. A compromise comes in handy when you question the amount owed.

If you have additional questions about what to do when you haven’t filed your taxes, an experienced tax attorney can advise you.

 

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Friday, November 18, 2016

Chaya Kundra will be a panelist at the New England IRS Representation Conference on Preparer Penalties.

Preparer Penalties: Everything You Need to Know! Over time the IRS has increased its focus from individual taxpayers to tax preparers. When the IRS identifies a pattern of false or fraudulent returns, it does not hesitate to impose penalties on the return preparers. This panel will walk you through the various penalties and what preparers need to know to protect themselves.

Moderator: Amanda Evans, Green & Sklarz LLC, New Haven, CT

Panelists: Chaya Kundra, Kundra & Associates, Rockville, MD, Barbara Kaplan, Greenburg Traurig, New York, NY

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