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Tax Questions

20+ Years Experience

Enrolled Agent (EA)

Certified Tax Resolution Specialist

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Tax Questions

Tax questions often arise when dealing with tax returns, IRS notices, unfiled returns, or tax balances. Understanding the issue can help you determine what needs to be addressed.

Below are answers to some common tax questions. If you need additional assistance, contact LP Tax Services LLC to discuss your tax situation.

Tax Filing Questions

What if I haven't filed a tax return for several years?

Unfiled returns should be addressed based on your individual filing history and circumstances. The first step is determining which returns need to be filed and what information is available to prepare them.

What if I'm missing tax records?

Missing records do not necessarily prevent a return from being prepared. Additional information may be available from other sources, and we can determine what is needed based on your situation.

Can a previously filed tax return be corrected?

Yes. When information was omitted or reported incorrectly, an amended return may be appropriate.

IRS Questions

What should I do if I receive an IRS notice?

Read the notice carefully and pay attention to the reason for the notice and any response deadline. If you are uncertain what the notice means or how to respond, professional review may be appropriate.

Does receiving an IRS notice mean I am being audited?

No. The IRS sends notices for many reasons, including balances due, missing information, discrepancies, and other account matters. The notice itself should identify the issue the IRS is addressing.

Should I ignore an IRS notice if I think it is wrong?

No. Even when you disagree with a notice, it should be reviewed and addressed within the applicable response period.

Tax Debt Questions

What if I owe the IRS and cannot pay the entire amount?

Depending upon your circumstances, alternatives to paying in full may be available. Your filing compliance, financial circumstances, and amount owed can affect the available options.

Can IRS penalties be reduced?

Penalty relief may be available in certain circumstances. Eligibility depends upon the type of penalty and the taxpayer's particular situation.

Can tax debt be settled for less than the full amount owed?

Some taxpayers may qualify for an Offer in Compromise. Qualification depends upon IRS requirements and the taxpayer's financial circumstances.

Should I file my tax return if I don't have the money to pay the tax due?

Yes. You should generally file your tax return by the required filing deadline even if you cannot pay the full amount due. Filing the return and paying the tax owed are separate matters. If you are unable to pay the balance, payment options may be available.

Should I wait to file my tax return until I have the money to pay the tax due?

Generally, no. Waiting to file can create additional tax problems. The return should generally be filed when required, even if you cannot pay the full amount due. Once the return is filed and the balance is established, available options for addressing the tax debt can be considered.

Have a Tax Question?

Tax situations are not always answered by a general rule. If you have an IRS notice, unfiled return, tax balance, or another tax matter requiring individual review, contact LP Tax Services LLC to discuss your situation.

(732) 217-7735

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