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Owing taxes from years past can feel like a threatening dark cloud at the horizon. No matter which way you turn, it’s always there. Maybe your tax troubles started innocently enough — you just didn’t have the money to pay your taxes one year. Or maybe it came all of a sudden when you finally completed one or more non-filed tax returns.
Like those non-filed tax returns, owing back taxes is a problem you cannot ignore. Not filing your federal tax returns is a crime; not paying the taxes you owe from previous years can mean penalties and fines that can triple the original amount you owe. The longer you let it slide, the more money you’ll potentially have to pay.
It’s possible that the IRS has wrongfully assigned a liability to you or assessed you incorrectly. If you owe back taxes to IRS do not rush to pay off. Reach out to a certified NYC accountant for back taxes to resolve any taxes you owe. Only the best tax resolution services companies can review and deal with the IRS to resolve back taxes owed to provide a tax relief help you need.
Even the most successful entrepreneurs, the best paid executives and the most prosperous individuals can have problems with back taxes owed. If you owe back taxes do not wait. Tax penalties and interest add up fast. Find a licensed tax accountant in NYC and the New York City metropolitan area who can help you paying off back taxes and contact the IRS to:
Stop the penalty clock
Decide how to minimize the penalties and fines you may have to pay
Argue your case for leniency
The New York CPAs at Miller & Company with offices in NYC and Queens have experience helping successful people and businesses get out from under the weight of the back taxes they owe. Tax resolution services can definitely help. Don’t get the wrong idea — you’ll likely have to pay the taxes you owe. With the help of a skilled tax accountant for back taxes, though, you won’t have to come up with all the money right away or even all at once.
CONSEQUENCES OF UNPAID BACK TAXES
You’re not the first businessperson to defer tax payments without informing the government. If you let it go too long, you risk:
Being discovered and prosecuted by the IRS
Increasing your debt to the government
Losing your good credit rating
If you try to handle back taxes by yourself, you may end up writing one big check to cover the taxes you owe, the fees and penalties you accrued and the interest that built up over time. Or perhaps you’ll just continue to ignore the problem, letting the amount you owe in back taxes keep stacking up. Both actions aren’t the best way to resolve your back taxes. The smartest tactic is to hire the best rated NYC accountant, Miller & Company tax accountants for back taxes to go to bat for you.
Read more at https://www.cpafirmnyc.com/back-taxes-owed