Unfiled Tax Returns – Substitute For Return

When you fail to file a return, the IRS assesses a tax, based on the income information it received from your payers, such as W-2 information from employers and 1099 information from general contractors, or banks, investments, retirement plans, etc. Unfortunately, this “substitute for return,” or “SFR” process usually results in a much higher tax assessment, since no allowance is given for business expenses or other deductions.

Additionally, SFR assessments are generally made at the highest Single tax rate and allow only one personal exemption—even if you are married and have several dependents.

If IRS is threatening you with enforced collection action for tax years in which you did not file your own returns, we can help you prepare and submit returns that take advantage of all your allowable deductions and expenses. Filing your own return almost always results in a much lower tax. Once we make sure you are only being billed for the correct amount of tax, we can help you negotiate a reasonable payment plan.

It’s never too late to file your own return and set the record straight.

Call 615-893-2269 for a free consultation.