There are many different reasons people don’t file tax returns - loss of records, health, fear of owing money, divorce, moving, etc. Whatever the reason, we work with you to reconstruct the information to complete the tax returns.
In most cases people do not have all their records, but it is helpful if you gather as much information as possible along with copies of the last two years of taxes filed.
We will complete a form 8821 for the tax years in question and have you sign it. We can then call the IRS and request income transcripts, which they can usually fax within 48 hours. The transcripts contain wage and income records that are required to be reported to the IRS by employers, banks, financial institutions, brokers, pension funds, etc. This information will show any federal taxes withheld, social security and medicare. This will give us most of the information we need to prepare the federal return. If you are self-employed and are lacking records, the IRS allows you reconstruct mileage records, use per diems for travel expenses, etc.
When we call the IRS, we will ask questions about each year listed on the 8821 form. They may not require every year to be filed. The IRS will file a return for you and if no balance is due based on the transcripts, they may close the year and not require a tax return. If a balance is due according to the transcripts, they may send a letter showing the worst case scenario for your situation, which may prompt you to file. They often set a deadline to have all delinquent returns filed in 60 days. If you are currently being garnished or levied we can assist you with the required returns done in a timely manner, to facilitate the levies being lifted.
The Federal Statute of Limitations allows refunds up to 3 years from the date the tax return was due. Wisconsin allows refunds up to 4 years from the date the return was due.
Call us today at 608-233-9769 for the friendly and accurate tax prepartion help you deserve.
At Consulting Services Tax & Accounting, we know that sometimes life can be complicated, and that can make doing your taxes even more difficult. Sometimes, things can just get away from you, and before you know it, one or more years have gone by. That's why we want to work with you, to make it easier to get caught up and current with your tax filing obligations.
Sometimes in life you've got to move around. Your work life can take you to many different places, whether it's a short-term assignment, or a long-term move, this may mean that you will need to file a tax return for multiple states. Many smaller tax preparation firms lack either the expertise or the software to handle multi-state filings. With Consulting Services Tax & Accounting, you can count on us to get all of your tax problems under control, no matter what state filings may be involved.
If you own a small business, you have enough on your mind just trying to handle your day-to-day affairs and help your business grow. Tax time often adds an even greater burden to the small business owner because the rules for deductibility, depreciation, and how to determine your taxable income can be confusing and time consuming. We want to make tax time easier for you, so you can get back to focusing of the running your business.
Whether you've owned a small business for a while, or you want to start your new business with a plan for the future, the staff at Consulting Services Tax & Accounting is here to help. We can advise you on the best route to take whether it is the formation of an LLC, Partnership, S-Corp, or a C-Corp, and what the advantages and disadvantages are for each type of entity, so that you'll be prepared to make the best possible choice for your businesses future.
As a full service tax preparation firm, not only do we offer professional tax preparation we also offer in house accounting and payroll services. Call us today and we will be happy to set up an appointment for a free 30 minute consultation before we begin working together.
Consulting Services Tax & Accounting is available and has regular office hours Monday thru Friday year-round to assist you with any and all tax, accounting and payroll issues that may arise.
You can count on Consulting Services Tax & Accounting to provide you with high-quality services and expert advice that will put all of you tax time worries to rest.
If you have a unique or difficult tax situation, we are always here to help you. We have seen many different tax scenarios in our 45+ years of service to the Madison area.
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