IRS Non-Filers – Part II

So you haven’t filed your tax returns in a good number of years and you need to get them filed. You are concerned about not having all of the income records from prior years and you can’t remember some of the places you have worked. Worse yet some of the places you have worked are no longer in business. What do you do? The answer is to call a tax professional. A tax professional can help you greatly in this area!

There are two very good reasons to hire a tax professional. First, the tax professional will contact the IRS on your behalf and obtain your Wage & Income Transcript for each year you need to file. This is the report that the IRS maintains on every taxpayer that keeps a running total of all income that has been reported to the IRS that you have earned. By doing this the tax professional will be able to list your income correctly on your tax returns. This will help you avoid a serious problem, which leads to the second reason you should hire a tax professional.

Many taxpayers have multiple sources of income and they fail to report all of it for one reason or another. This shows up later when the IRS performs a “tax match.” This is the process whereby the IRS matches the income you report to the record they have. If the taxpayer has underreported their income then this will cause the taxpayer to owe more money plus penalties and interest on the amount owed. There are more reasons to hire a tax professional. Call a tax professional today and they will help save you from future problems with the IRS!