As your business partner, we understand your need to save time, and will work with you to find effective solutions. We strive to build and maintain long-lasting relationships, and this website is an extension of our commitment to you. Our company recently moved to a new location in Redlands, California and hope you can visit our new office soon. Avoid companies that want to charge you before they investigate your situation or won’t provide you with a contract or guarantee that outlines the total fee or scope of services.

Working with a dedicated, licensed and experienced tax preparation expert from Precision can dramatically change your back tax balance. In many cases, we have eliminated a client’s tax liability just by preparing back tax returns or amending improperly prepared returns. When a business owes back payroll taxes, often the IRS will assign a Revenue Officer to collect. It is important that you respond to the demands for payment promptly and professionally.

Annual Tax Preparation

We meticulously record all financial transactions, ensuring that your books accurately reflect the financial health of your personal or business accounts. Waiting to file is never in your best interest, whether you owe money or not. An A+ rating with the BBB, an untarnished reputation and satisfied customers are some of our rewards for always putting the interest of our clients first. The IRS can legally collect taxes assessed as overdue directly through your bank account. Aurae is our Lead Financial Analyst, supervising the Case Coordinators and managing a caseload for our Senior Resolution Management team.

• We strive to build and maintain long-lasting relationships, and this website is an extension of our commitment to you.
• Our approach starts with a complete and free assessment of your case so that we are able to determine what can be done.
• You can gain a few months by requesting an extension, but by law, you must file every year.
• Also known as IRS Currently Not Collectible (or Status 53), hardship status is a temporary solution.

The substitute filing is an estimate on the part of the IRS, and not a very accurate one. An IRS substitute filing can show more taxable income, a higher tax rate, and greater tax liability than if you filed the past-due tax return. However, even if you assume you don’t owe income tax, the IRS may not agree. If you fail to file a tax return, the IRS can file one for you—it’s called a substitute filing. The IRS uses W2s and 1099s from your employer(s) and other payers to complete the filing. If you don’t file your tax returns the IRS can file a Substitute for Return on your behalf.

Tax Debt Expiration Advice

If you owe back taxes and have not filed, you may face penalties, interest or charges. Technically, the IRS can go back as many years as you have unfiled taxes. The ten year federal statute of limitations on IRS collections—the Assessment Statute of Expiration Date (ASED)—does not begin to run until you have filed your taxes. Since the IRS instructions and tax forms for each year are unique, you will need to download and use only the forms for the years you are filing.

How we can help with your IRS tax debt:

When you don’t file taxes, you can miss out on refunds or risk the IRS filing on your behalf. If you have paid income tax through your employer (a withholding tax) and the IRS has determined that you owe nothing, you are safe. You will not be prosecuted or face collections, including levies and liens. The IRS knows your income and withholdings, and will not pursue you if they determine that you don’t owe back taxes.

5-Star Reviews… But you’ll feel like our only case.

Rest assured that your employees are paid accurately and on time, while also staying compliant with federal and state regulations and taxes. Our bookkeeping services provide you with a clear understanding https://accounting-services.net/bookkeeping-garland/ of your financial position, allowing for better decision-making. Whether you are new to our site, or returning for a visit, we hope to provide you with timely and valuable information.

Not knowing is one of the most stressful parts of dealing with tax debt. When you’re uncertain about what might be coming next, you anticipate the worst and live with constant anxiety. That’s why we make ourselves fully available throughout the process, as if you were our only case. However, the Innocent Spouse Claim can protect you from responsibility for these liabilities and the Injured Spouse Claim can shield your tax refund.

Precision Tax Relief is dedicated to not only bringing your books up-to-date, but also walking you through the best steps to maintain accurate accounting records.