The U.S. tax system is based on voluntary reporting, which means there are serious consequences for failing to file your returns. In addition to a 5% penalty on unpaid taxes per month, up to a maximum of 25%, you could find yourself facing criminal charges, forfeiture of assets, and a massive tax bill if the IRS decides to file a return for you.

Selph and Friday CPA, accountants providing IRS help to clients throughout Texarkana, TX, urges everyone with unfiled taxes to:

• Collect Your Documentation: If you have lost or misplaced your income documentation from the year in question, you may be able to request duplicates from your employer. Self-employed individuals and individual contractors who work for several clients may have a more difficult time recreating their financial documents, but requesting an internal transcript from the IRS should show what has been reported to the agency.
• File Your Returns: Even if you cannot pay any back taxes owed at the moment, filing your taxes and financial disclosures will initiate the process of resolution. If the IRS has filed a Substitute for Return, calculated on your income without deductions or exemptions, filing your returns will typically lower the amount due to a level you may be able to pay.
• Hire a Professional: The IRS is willing to cooperate with taxpayers who cannot meet their burden, provided no fraud or other criminal activity has taken place. An accountant can intercede on your behalf, providing the IRS help you need to get current on your taxes and meet your financial obligations.

The accounting professionals at Selph and Friday CPA have been providing high-quality guidance and IRS help to their clients for nearly 30 years. Whether you have unpaid taxes or need assistance preparing your returns, you can depend on their expertise and reputation. Visit their website to see their full list of services, or call (903) 792-0281 for an appointment today.