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If a taxpayer fails to file a return, the IRS submits what is termed an SFR (Substitute for Return). This is submitted by the IRS for the taxpayer using bank deposits as the taxpayer's gross income. This is the worst form of taxation as it allows for zero deductions and grossly exaggerates a taxpayer's liability.
Example: If you are in business and have gross receipts of $300,000 you will be taxed on the $300.000 with no allowance for expenses even if your business made no money that year. You would owe over $100,000 in taxes plus interest and penalties.
Thankfully, our staff is current with all changing tax code and procedure. When you call, your assigned strategist will evaluate the specifics of your case, creating a program to bring you current, compliant, and debt free.
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