The last day to file your 2019 taxes is tomorrow! Are you prepared? Do you know how much you owe? We’ll fill you in on everything you need for last-minute filing and tax relief.
For taxpayers filing close to the deadline, you may feel a bit rushed and want to skip some steps. Be sure that you file everything and take the time to answer questions regarding deductions. TaxRise offers tax preparation services in addition to relief. If you need assistance with your filing you can give us a call to make the process easier.
For those filing on your own, you can visit our tax forms page to access important forms that you’ll need.
Perhaps you do miss the deadline, or you have prior unfiled taxes, we can still help! If you haven’t received a letter from the IRS, you certainly don’t want to wait until the deadline to take action. Sometimes notices can be delayed for years. During that time, you can accrue interest. We’ve assisted clients who owed large sums of money to the IRS and were only recently made aware that they owed at all.
On the opposite end of that spectrum, we know that some taxpayers are aware that they owe, but because they don’t know what to do or can’t afford to pay, they don’t do anything. Not filing is illegal, so if you need help it’s best to seek out a tax professional.
Filing for an Extension
You would have to complete the paperwork for an extension well in advance. If you’re hoping for a last-minute extension, it is much too late. Your request could take months to be approved.
As an SE taxpayer, you should be making quarterly payments in addition to your income tax. If you’ve found yourself falling behind on tax obligations, you should contact us today. If you’re unaware of SE tax obligations, visit our page How to File Taxes When You’re Self-Employed.
Tax Relief Programs
You might have found yourself owing back taxes and want to comply with the IRS, there are resources at your disposal to do so. If you insist on handling your case on your own, we recommend reading up on the Taxpayer Bill of Rights. This will give you a better understanding of how to deal with the IRS, what your rights are, and how you deserve to be treated as a taxpayer.
Of course, we recommend utilizing the expertise of a tax professional, such as a personal team at TaxRise. The reason being, a tax professional will be able to protect you and your rights during the negotiation process.
Fresh Start Program
The Fresh Start Initiative was created in 2007 to protect taxpayers from the IRS while going through financial hardship. The IRS will garnish wages and collect more than what the average taxpayer can afford, leaving hardworking people like you drowning in debt and bankruptcy.
That’s where this program comes in. It offers two options to resolve your debt: Offer in Compromise (OIC) and Installment Agreement. An OIC is a large reduction of debt, a settlement amount if you will. Upon your approval and the IRS agreeing to the settlement amount, you will have five months to pay it.
An installment agreement is a payment plan that will last as long as you need in order to pay off your debt. The difference between negotiating an installment plan on your own is that we will make sure your balance each month is as affordable as possible. The IRS tends to only offer expensive plans that leave taxpayers avoiding payments altogether.
TaxRise heavily advocates the use of this program, as the IRS ignores its existence in hopes that everyone will forget about it. The Fresh Start Program saves taxpayers millions each year, so of course, the IRS would rather not spread the word and keep more money.
If you are unable to pay taxes at this time, TaxRise can help you achieve Currently Non-Collectible status. This is a status that the IRS will give you once we prove that you are unable to pay taxes due to financial hardship.
You can read more about this status on our Currently Non-Collectible page.
A penalty abatement occurs when the IRS eliminates or reduces a penalty. The catch is that there must be reasonable cause, and local IRS offices can only grant abatements up to $100. The reasonable causes are also very niche circumstances that aren’t common for relief seeking taxpayers. You can read more about penalty abatements and the qualifications here.
Tax season is naturally a hectic and tedious time, but with a pandemic in the midst of owing taxes, it can prove to be much more stressful. TaxRise provides a personal team to assist you with your case. You will be consulted on every decision and nothing will be done to your case without your consent.
File Before it’s too Late!
Don’t wait a moment longer if you have yet to file your taxes. TaxRise can help you file current or past taxes.
Any new or systemic Liens and/or Levies will also be suspended for the time being.
For taxpayers who are considered “seriously delinquent”, the IRS will suspend any new certifications for the remaining period. Any taxpayer who falls into this category in reminded and encouraged to enter into an Installment Agreement or apply for an Offer In Compromise.
The IRS will not forward any new delinquent accounts to private collection agencies at this time.
Taxpayers have until July 15, 2020 to verify to the IRS they are qualify for the Earned Income Tax Credit or to confirm their income. If the taxpayer is unable to verify their credentials or provide appropriate documents for this credit, they are encouraged to notify the IRS before the deadline. No cases will be denied this credit for failure to provide requested information until July 15.
Case workers will continue business as usual. However, most case work will be conducted remotely (video/over the phone conferences). Any requests for documentation sent by the Office of Appeals should be responded to in a timely manner to ensure a smooth process.
The IRS will continue to take the appropriate measures to stay compliant and protect the applicable statutes of limitations. In situations where certain statutes may be compromised, taxpayers are encouraged to extend such statutes. Otherwise, Notices of Deficiency will be issued by the IRS and similar actions will be pursued to protect the interests of the government in preserving such statutes. Where a statutory period is not set to expire during 2020, the IRS is unlikely to pursue the foregoing actions until at least July 15, 2020.
Practitioners are reminded that PPS wait times may be significantly longer, depending on staffing levels and allocations going forward. The IRS will continue to monitor this as situations develop.
“The IRS will continue to review and, where appropriate, modify or expand the People First Initiative as we continue reviewing our programs and receive feedback from others,” Rettig said. “We are committed to helping people get through this period, and our employees will remain focused on these and other helpful efforts in the days and weeks ahead. I ask for your personal support, your understanding – and your patience – as we navigate our way forward together. Stay safe and take care of your families, friends and others.”
Learn how easy it is to qualify for tax savings.