Unfiled Tax Returns
In the vast majority of cases preparing unfiled returns can greatly reduce your tax debt or eliminate it all together. To qualify for any type of tax settlement, Offer In Compromise or Installment Agreement with the Internal Revenue Service it is necessary to have filed all legally required tax returns. The failure to file a tax return may result in additional penalties and could even result in criminal prosecution. If you have failed to file a tax return, the Internal Revenue Service may prepare a Substitute For Return on your behalf. The Internal Revenue Service prepares these returns in their best interest, which often results in inflated principal tax liabilities, interest and penalties. Typically, Substitute For Returns only allow for the standard deduction and one personal exemption. Deductions for business expenses, state and local taxes, cost for any stock and real estate sales, and additional exemptions for children and spouses are not included in Substitute For Returns. Accordingly, it is most often in the Taxpayer's best interest to file all of his or her unfiled tax returns as soon as possible.Preparation Of Unfiled Tax Returns
At Brandywine Tax Resolution we take the headache out of preparing your tax returns and make preparing your returns an easy and straightforward process. We provide a wide spectrum of tax preparation services including the preparation of returns for individuals, corporations, partnerships, and limited liability companies.