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If you don't file a tax return, you may be subject to tax penalties. The failure-to-file penalty is 5% of the outstanding tax per month, while the failure-to-pay penalty is 0.5% per month. Both penalties are capped at 25% of the tax owed. The IRS also charges interest for back taxes.
Our attorneys can help you explore IRS penalty abatement and other options to manage your tax debt.
The IRS may file a substitute tax return (SFR, or Substitute for Return) on your behalf. An SFR is based on information provided to the IRS by third parties. It won't take into account any credits or deductions, so it usually results in an unfavorable tax bill.
Generally, the IRS has 10 years from the date of assessment to collect back taxes. This is called the statute of limitations.
However, there are some important things to keep in mind:
If you can't afford to pay your back taxes, you may qualify for an Offer in Compromise. This allows qualifying taxpayers to negotiate with the IRS and pay significantly less than they owe.
However, the Offer in Compromise application is tricky and precise. With an experienced back tax lawyer on your side, you'll have a better chance of creating an offer that the IRS will accept.
Yes, we can help with Illinois back taxes on the state, county, and local levels.
Failure to pay state and local taxes could result in the loss of important business licenses, such as a liquor license, so it's important to address this tax problem head-on.
We can represent you before the Illinois Independent Tax Tribunal and the Board of Appeals.
If you don't file a tax return, you may be subject to tax penalties. The failure-to-file penalty is 5% of the outstanding tax per month, while the failure-to-pay penalty is 0.5% per month. Both penalties are capped at 25% of the tax owed. The IRS also charges interest for back taxes.
Our attorneys can help you explore IRS penalty abatement and other options to manage your tax debt.
The IRS may file a substitute tax return (SFR, or Substitute for Return) on your behalf. An SFR is based on information provided to the IRS by third parties. It won't take into account any credits or deductions, so it usually results in an unfavorable tax bill.
Generally, the IRS has 10 years from the date of assessment to collect back taxes. This is called the statute of limitations.
However, there are some important things to keep in mind:
If you can't afford to pay your back taxes, you may qualify for an Offer in Compromise. This allows qualifying taxpayers to negotiate with the IRS and pay significantly less than they owe.
However, the Offer in Compromise application is tricky and precise. With an experienced back tax lawyer on your side, you'll have a better chance of creating an offer that the IRS will accept.
Yes, we can help with Illinois back taxes on the state, county, and local levels.
Failure to pay state and local taxes could result in the loss of important business licenses, such as a liquor license, so it's important to address this tax problem head-on.
We can represent you before the Illinois Independent Tax Tribunal and the Board of Appeals.
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Highly experienced attorneys dedicated to your peace of mind.
There are many options available to help you manage or even reduce tax debt—from penalty abatement, to Innocent Spouse Relief, to an Offer in Compromise.
We’ll help you choose your path to resolution and provide personalized support every step of the way.
There are many options available to help you manage or even reduce tax debt—from penalty abatement, to Innocent Spouse Relief, to an Offer in Compromise.
We’ll help you choose your path to resolution and provide personalized support every step of the way.
