Video instructions and help with filling out and completing Fill Form 843 Overpayment

Instructions and Help about Fill Form 843 Overpayment

Hi this is IRS tax relief attorney Anthony parent of parent & parent LLP the IRS medic and in this video I'll be talking about the four things you need to know about filing back taxes with the IRS the first thing is that if you don't file your taxes the IRS will do something that's called a substitute for return an IRS speak we call this an SF r with an SF r the IRS tries to assume the worst tax bill you can imagine they send you notices to say hey file your taxes before we do it for you you're not going to like what we charge you of course if you ignored these notices about your unfiled tax returns we totally understand as these IRS notices are hard to understand and can get really scary unless you deal with them every day like we do but an important thing to understand is that when you file a correct return to lower your SF our assessment what that technically is is something called an audit reconsideration I'm not trying to scare you no it's not like an IRS field audit with someone all in your business the reason I mention it is that the IRS does give a bit of extra scrutiny to the return processing so it is important that the returns are done very carefully when you file past due tax returns your return processing needs supervision either by you if you're up for it or a tax resolution professional the second thing is time did you know that if you don't file your taxes the IRS has forever to assess tax against you for example if you don't file taxes in 1988 the IRS could file your taxes within SFR right now now if you do file your taxes the IRS effectively only has six years since your filing date to assess anything additional so what you need to know is if you don't file your back taxes you are leaving a potential tax bill open indefinitely so it's important you act quickly the third thing is time again if you have a refund coming to you for a tax return you only have a limited amount of time to claim that refund when you file your return there are two rules at play first is the two year rule if at any time the last two years you paid the IRS money you can claim that as a refund so let's say that the IRS levied your bank account for $1,000 last month for tax bill you owe from 2001 if you've taught filed your tax return now you know that you actually wouldn't know money so long as you file within this 2-year period you could get that thousand dollars back that's pretty nice well I guess if you don't mind the IRS going through your business and taking your money however if you wait more than two years to file your back taxes after a payment the i/os will keep your refund unless the three year rule applies the three year world rule works like this you cannot claim a refund for a tax return that was due more than three years ago so right now it is June 2013 if you try to claim a refund for the tax year 2010 and you never filed an extension guess what and if is if it is after April 15th 2013 if the IRS owed you 1 million dollars they would keep it all and there's not one thing you could do about it or I suppose there is one thing the fourth thing you need to know about unfiled tax returns is documents you may be wondering well I'd love to file all my old tax returns but I lost all my tax documents well tax attorneys like ourselves have a couple tricks we use to file old tax returns properly first we can request any missing tax forms like w-2s 1099s mortgage interest statements from the IRS second if you are missing business records there are proven legal ways to recreate documents that will be accepted by the IRS during your audit reconsideration so hopefully you get it now if you have on file returns act quick don't let missing documents get in the way all of that can be dealt with totally legal with no problems down the road remember when it comes to unfiled tax returns the IRS rules are written to favor the IRS so do yourself the biggest favor you possibly could today and take action if you are not sure that you can do all of this yourself and you don't fully understand the rules hire a tax specialist who knows how if you have been procrastinating and you can't quite make any positive action here's one simple idea give my office a call at eight eight eight four seven four to five eight will shoot an email to info at RS Medicom until my people you watch this video on unfiled tax returns and will take care of you and your worries this is anthony parent of parent & parent LLP b IRS medic i thank you for watching