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IRS is demanding back taxes
My unwanted business partner, the IRS has come a calling for back taxes. Who do I turn to for help! I have quite a few years that I haven't filed taxes.
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Eamonn McElroy
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#5 Tax, SDIRAs & Cost Segregation Contributor
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Eamonn McElroy#5 Tax, SDIRAs & Cost Segregation Contributor
#5 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- Atlanta, GA
After the IRS discovers the noncompliance and contacts you, you generally have fewer options and less chance of penalty abatement.
Your best bet is to work with a professional to handle the noncompliance and prior filings, then to keep you compliant on a forward looking basis.
If what you owe is substantial in relation to your income and assets, you and your professional should consider an Offer in Compromise.