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I will thoroughly and conscientiously study your personal situation, and tailor my advice to your specific needs.
Unfiled Tax Returns
When you file your Tax Return, the IRS has three (3) years to assess that return for additional taxes. After the three years, the statute of limitation, ASED, expires and the IRS can no longer look at that return. A statute of limitation is a time period established by law to review, analyze, and resolve taxpayer and/or IRS tax related issues. By law, the Internal Revenue Service (IRS) must assess, refund, credit, and collect taxes within specific time limit, set by the Statutes of Limitations. Once they expire, the IRS can no longer assess additional tax, allow a claim for refund by the taxpayer, or take collection action. The determination of Statute expiration differs for Assessment, Refund, and Collection:
- Assessment Statute Expiration Date (ASED): Assessment Statute Expiration Date (ASED) is how long the IRS has to assess tax for a tax year.
- ASED is 3 years from the original return received date or due date of the original return whichever is later.
- ASED increases to six (6) years for returns filed but more than 25% of gross income was not reported on that return.
- If a false or fraudulent return with intent to evade tax is filed, there is no statute of limitation; it is indefinite (forever), meaning the IRS can assess at any time.
- Collection Statute Expiration Date (CSED): Collection Statute Expiration Date (CSED) is how long the IRS has to collect tax for a specific tax year assessment.
- CSED is ten (10) years after the assessment date.
- Refund Statute Expiration Date (RSED): Refund Statute Expiration Date (RSED) is how long the taxpayer has to file a claim for credit or refund for a specific tax year.
- You, the taxpayer, must file a claim for a credit or refund within three (3) years from the date you filed your original tax return or two (2) years from the date you paid the tax, whichever is later. If a claim is not filed within this time, you forfeit the credit or refund.
Those who do not file are not protected by the statutes, because the IRS can assess these delinquent tax returns at any time. Although, as a general rule, for you to be in compliance (good standing) with the IRS, only six (6) years of back tax returns need to be filed, managerial approval MUST be given if additional years are requested (Internal Revenue Manual (IRM) 220.127.116.11.18.5 (08-04-2006)-IRS Policy Statement 5-133, Delinquent returns—enforcement of filing requirements). It is best practice to file your return in a timely manner, so you don’t have to be at the mercy of the IRS. They could go after you for more than six years to make you an example for others.
The following are the dues dates for Income Tax Returns:
- Individual Income Tax Returns-Form 1040: File on or before the 15th day of the fourth month for fiscal year taxpayer or April 15th for calendar year taxpayer.
- Pass-through Entities (S Corporation-Form 1120S & Partnerships-Form 1065): File on or before the 15th day of the 3rd month for fiscal year taxpayer or March 15th for calendar year taxpayer.
- C-Corporation-Form 1120: File on or before the 15th day of the fourth month for fiscal year taxpayer or April 15th for calendar year taxpayer.
Therefore, it is very important that you file your return and file it accurately, even if you are not able to pay the liabilities due, so your IRS time clock starts and stops at the appropriate time. Whether it is one (1) or six (6) years of unfiled Income tax returns, I can help you catch up with the IRS. Do not procrastinate any longer, call my office today!
Similar to the IRS Income tax return, you are required to file an Income Tax return in states with Income Tax. Furthermore, you may be required to file in more than one states if:
- You worked or performed services in more than one state.
- You are an Independent Contractor that works in multiple states
- During the year, you moved to a state that has income Tax
Florida does not have Income Tax for Individuals. However, C Corporations and Partnerships must file an Income Tax Return, one (1) month after the due date of the federal income tax return.
Tangible Personal Property Tax Returns
If you are a business and have tangible personal assets, you may be required to file a Tangible Personal Tax Return in your state.
What are Tangible Personal Assets? Tangible Personal Assets are anything that can be touched and physically moved, without damaging the property. These assets would be (office equipment, furniture & fixtures, machinery equipment, Business sign, Leasehold improvements, underground tanks, lifts, tools, Supplies not held for resale, etc.)
In the state of Florida, every business must file an initial Tangible Personal Tax Return their first year of operations. After that initial return, they are only required to file if their assets total $25,000 or more. This return is due by April 1, or the first business day after should the due date fall on a weekend or holiday.
Tax Consulting Services
My tax consulting services are designed to provide you with expert analysis and advice regarding your company’s strategic decisions. As you consider exploring business opportunities, investments, and partnerships, it is important to understand the short, medium, and long-term ramifications of your decisions. My services allow you to make better decisions about the future.
Some of these services are:
- Tax Planning
- Tax Entity Structure Analysis
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