Forget something to include on your Tax Return? Rest Assure. You have Options.

There are choices that could help you if you file your taxes by the April 15th deadline and then find that you may have overlooked a necessary document to file, may have reported income incorrectly, may have been eligible for additional deductions, or you owe money. Planning in advance of the hectic tax season is crucial for accurately filing your annual tax return, but unforeseen circumstances do occur. We discuss a few options in this blog that could reduce any disparities and improve the security of your financial future.

If you discover that there was an error in the documentation you included with your tax return, you may be able to file an amended return to fix the error or add any missing forms you are legally required to report. Use Form 1040-X, Amended U.S. Individual Income Tax Return, and follow the instructions. Consult with a tax attorney who can help and provide guidance in further detail based on your surrounding circumstances.

If you owe taxes, one option is to consider working with IRS and setting up a payment plan if you cannot afford to pay your tax payment in full. In some instances, you might be eligible for an offer in compromise, which means you may be eligible to settle your amount owed for less than the full amount depending on your financial situation. Consult with a tax attorney who can help identify if this is possible based on your surrounding circumstances.

As a friendly reminder, any tax filing extensions will extend the tax filing deadline not the tax payment deadline and could result in penalties based on when payment is submitted to the IRS or state agency where payment is due. If you discover you have missed the deadline and receive a notice regarding payment penalties, you might be eligible for a penalty abatement based on providing evidence to show there was good reason for filing or paying late. You might also be eligible for first time penalty abatement with the IRS. Consult with a tax attorney who can help identify if this is possible based on your surrounding circumstances.

If you have any questions regarding your state and/or federal tax return(s) or received a notice from the IRS, FTB, EDD or any other regulatory agency, please call or email Wilson Tax Law Group, APLC, to setup a consultation with our firm.

Wilson Tax Law Group, APLC is a boutique Orange County tax controversy law firm that specializes in representation of individuals and businesses before federal and state tax authorities with audits, appeals, FBAR, offshore compliance, litigation and criminal defense.  Firm founder, Joseph P. Wilson, is a former Federal tax prosecutor and trial attorney for the IRS and California Franchise Tax Board.  Wilson Tax Law Group, APLC, is comprised of former IRS litigators & Special Agents, and Assistant US Attorneys from the US Attorney’s Office, Central District of California, Tax Division, which at the time handled both civil tax lawsuits and criminal tax prosecutions on behalf of the United States of America.

For further information, or to arrange a consultation please contact: Wilson Tax Law Group, APLC

Tel: (949) 397-2292 (Newport Beach Office) 

Tel: (714) 463-4430 (Yorba Linda Office)

Disclaimer: This blog post is for informational purposes only and does not constitute legal, tax or financial advice. Please consult with a qualified attorney, accountant or financial advisor for specific guidance related to your circumstances.