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Raleigh, NC CPA Firm: How to File Back Taxes

June 20, 2018December 3, 2018 laurenmas

lauren massey cpa, lauren massey raleigh We get it, life happens! For one reason or another your tax returns haven’t been filed and you want to get caught up again but may not know how! How many years do I need to go back? Will I get a trouble for waiting so long? What if I can’t find my original tax documents? What if I don’t do anything? These are the types of questions I answer for people who come into my Raleigh, NC office. The main focus of my CPA practice is income tax representation for individuals facing issues with the IRS or the North Carolina Department of Revenue. Below is some information on how to address the issue of back tax returns.

How Many Years of Back Tax Returns Do I Need to File?

In general, you need to file at least the last six (6) years of back tax returns. The IRS generally doesn’t have an interest nor the manpower to process returns beyond this time frame. However, there are many reasons why it may be advantageous to file beyond the six year time frame as by doing so may actually lower a previously assessed liability.

Will I Get in Trouble for Filing Back Taxes? What if I Don’t File My Back Taxes?

It is a common myth that “if I don’t file, then the IRS won’t know how much I owe”. In reality, it is only a matter of time before you receive a notice from the IRS or the North Carolina Department of Revenue regarding unfiled taxes. For some people the wait may be less than a year and for others it may be several years before they are contacted. The longer a person waits to the file the back tax returns, the larger the potential penalties and interest will grow. In addition, the ability to settle tax debt or enter into installment agreements hinge on having back tax returns filed. Therefore, filing the back tax returns sooner rather than later is highly advised to preserve options to resolve IRS tax problems.

What If I Lost My Tax Documents to Prepare Back Taxes?

We often assist clients with ordering a set of tax transcripts directly from the IRS. The document reports payments made to you under your Social Security number (i.e., W-2 wages, 1099-MISC independent contractor/consultant income, 1099-R retirement income, etc.) as well a few payments made by you (i.e., 1098 mortgage interest, 1098-E student loan interest, etc.). Another option to find back tax documents is to call the issuer directly to see if they can provide new copies.

If you or someone you know in the Raleigh, NC area needs help with back taxes related to the IRS or North Carolina Department of Revenue contact me so that I can help. I can be contacted by phone at (919) 792-8511 or you can email me directly using this link.

Lauren Massie

Lauren Massie, CPA, PLLC

8480 Honeycutt Road, Suite 200

Raleigh, NC 27615

(919) 792-8511

www.laurenmassie.com

Lauren Massie, CPA, PLLC serves clients in North Carolina throughout the Greater Triangle Area including cities such as Raleigh, Wake Forest, Cary, Durham, Chapel Hill, Hillsborough, Youngsville, Franklinton, Morrisville, Garner, Knightdale, Zebulon, Angier, Clayton, Louisburg, Henderson and Wendell.

Received an IRS Notice?

September 19, 2017January 30, 2024 gcjproductions

The main focus of our practice is income tax representation for individuals. Many taxpayers who contact us at our Raleigh, NC office often reach out in panic because they received a notice from the IRS requesting money to settle back taxes. While intimidating, it can often be helpful to attempt to understand what the IRS notices mean and what should be done upon receipt of an IRS notice.

Below is a highlight of the most common notices received by taxpayers:

CP-14 – BALANCE DUE: Billing Notice (sample notice)
CP-501 – FIRST REMINDER: Billing Notice (sample notice)
CP-503 – SECOND REMINDER: Billing Reminder (sample notice)
CP-504 – FINAL REMINDER: Threat to Levy (sample notice)
LETTER 11 – Intent to seize your property or rights to property (sample letter)
CP-516 – Missing Return (sample notice)
LETTER – 2566 – Intent to file substitute-for-return (SFR) (sample letter)

What should be done about the notice?

The first four IRS notices/letters above are requesting that you pay the amount of taxes owed in addition to any interest and/or penalties that may have been added. Ignoring these notices related to back taxes will result in enforced collection actions including wage garnishments, the clearing of bank account balances, tax liens and much worse. If unable to pay in full, other options to avoid enforced collections include payment plans (installment agreements) or other collection alternatives (i.e., offer-in-compromise, currently-not-collectible, etc.).

The last two IRS notices/letters are requesting that you go ahead and submit unfiled returns that are past due. Failure to file these returns will result in the IRS calculating a return for you, often to your disadvantage. Once prepared and a balance is assessed you will begin to receive the IRS collection notices listed above which will result in enforced collections if not properly addressed.

If you or someone you know needs help understanding an IRS notice or if they have unfiled returns, contact us so that we can help them resolve the issue. We can be contacted by phone at (919) 792-8511 or you can email us directly using this link.

Lauren Massie, CPA, PLLC serves clients in North Carolina throughout the Greater Triangle Area including cities such as Raleigh, Wake Forest, Cary, Durham, Chapel Hill, Hillsborough, Youngsville, Franklinton, Garner, Knightdale, Zebulon, Angier, Clayton, Louisburg, and Wendell.

Received a NCDOR Notice?

September 19, 2017October 30, 2018 gcjproductions

The main focus of our practice is income tax representation for individuals. Many taxpayers who contact us at our Raleigh, NC office often reach out in panic because they received a notice from the North Carolina Department of Revenue (NCDOR) requesting money. To address the issue it can first be helpful to understand what the NCDOR notices mean and what should be done upon receipt of an NCDOR notice.

Below is a highlight of the most common notices received by North Carolina Taxpayers:

N0000204 — FIRST REMINDER: Notice of Individual Tax Assessment (sample notice)
N0002203 — SECOND REMINDER: Notice of Collection
N0002401 — FINAL REMINDER: Notice of Collection Fee
Notice to File a Return – Missing Return (sample notice)
Notice of Intent to Assess

What should be done about the NCDOR notice?

The first three NCDOR notices above are requesting that you pay the amount of taxes owed in addition to any interest and/or penalties that may have been added. Ignoring these notices will result in enforced collection actions including wage garnishments, the clearing of bank account balances, tax liens and much worse. If unable to pay in full, other options to avoid enforced collections include payment plans (installment agreements) or other collection alternatives such as an offer-in-compromise.

The last two NCDOR notices are requesting that you go ahead and submit unfiled returns that are past due. Failure to file these returns will result in the NCDOR calculating a return for you, often to your disadvantage. Once prepared and a balance is assessed you will begin to receive the NCDOR collection notices listed above which will result in enforced collections if not properly addressed.

If you or someone you know needs help understanding NCDOR notice or if they have unfiled returns, contact us so that we can help them resolve the issue. We can be contacted by phone at (919) 792-8511 or you can email us directly using this link.

Lauren Massie, CPA, PLLC serves clients in North Carolina throughout the Greater Triangle Area including cities such as Raleigh, Wake Forest, Cary, Durham, Chapel Hill, Hillsborough, Youngsville, Franklinton, Garner, Knightdale, Zebulon, Angier, Clayton, Louisburg, and Wendell.

I Can’t Pay! Now What?

September 16, 2017October 30, 2018 gcjproductions

The main focus of my practice is income tax representation for individuals. Many taxpayers who come into our Raleigh, NC office find themselves in a position where they are unable to pay the IRS and/or the North Carolina Department of Revenue amounts owed in taxes. To avoid forced collections (i.e., bank levies, wage garnishments, etc.), the two following options are often pursued.

Option #1 – Installment Agreement

This is an agreement that is setup to allow balances to be paid over time to the IRS or the North Carolina Department of Revenue. The amount and time allowed for repayment is determined by several factors including the amount owed and the financial resources available to an individual. In some cases, payments may even be put on hold temporarily.

Option #2 – Offer-in-Compromise

This is a settlement of the total debt due for a lesser amount if it is in the best interest of the IRS or North Carolina Department of Revenue. This option is usually most appropriate in instances when it can be demonstrated that a debt cannot likely be repaid by an individual in a reasonable amount of time.

If you or someone you know needs help understanding their tax payment options, contact us so that we can help them resolve the issue. I can be contacted by phone at (919) 792-8511 or you can email me directly using this link.

Lauren Massie, CPA, PLLC serves clients in North Carolina throughout the Greater Triangle Area including cities such as Raleigh, Wake Forest, Cary, Durham, Chapel Hill, Hillsborough, Youngsville, Franklinton, Garner, Knightdale, Zebulon, Angier, Clayton, Louisburg, and Wendell.

IRS & NCDOR Resources

September 16, 2017October 30, 2018 gcjproductions

Here are some links to helpful resources for taxpayers located in North Carolina:

IRS Resources

Taxpayers’ Bill of Rights – https://www.irs.gov/taxpayer-bill-of-rights

Taxpayer Advocate Services – https://www.irs.gov/advocate/local-taxpayer-advocate

Taxpayer Transcripts – https://www.irs.gov/individuals/get-transcript

Taxpayer Service Phone Numbers – https://www.irs.gov/help/telephone-assistance

North Carolina Resources

Taxpayers’ Bill of Rights – https://www.ncdor.gov/taxes/north-carolina-taxpayers-bill-rights

Taxpayer Advocate Services – https://www.ncdor.gov/contact-us/office-taxpayer-advocate

Taxpayer Service Phone Numbers – https://www.ncdor.gov/contact-us/customer-service

If you or someone you know needs help understanding their rights or options, contact us so that we can help. I can be contacted by phone at (919) 792-8511 or you can email me directly using this link.

Lauren Massie, CPA, PLLC serves clients in North Carolina throughout the Greater Triangle Area including cities such as Raleigh, Wake Forest, Cary, Durham, Chapel Hill, Hillsborough, Youngsville, Franklinton, Garner, Knightdale, Zebulon, Angier, Clayton, Louisburg, and Wendell.

Assess

September 16, 2017October 30, 2018 gcjproductions

We offer a free consultation where we listen to your tax issue with compassion in a judgement-free atmosphere. We understand – life happens and that sometimes tax issues are a part of the journey!