Helping Taxpayers With Unfiled IRS Returns in Milwaukee

At Francetic Tax Resolution, we specialize in helping individuals and businesses in Milwaukee resolve their unfiled tax issues with the IRS. Below, we’ll cover the key reasons you should address unfiled tax returns, the potential consequences, and how we can assist you in resolving your tax problems.

Why Unfiled IRS Tax Returns Are a Big Deal

Failing to file your tax returns on time might seem like a minor oversight, but the IRS takes these situations seriously. Here are a few reasons why unfiled returns should be addressed as soon as possible:

1. Penalties and Interest: The IRS imposes penalties for not filing your return, and interest continues to accrue on any unpaid taxes. This can significantly increase your tax debt over time.
2. Loss of Refunds: If you’re owed a refund, you only have a three-year window to claim it. After that, any unclaimed refunds become the property of the U.S. Treasury.
3. Wage Garnishments or Liens: If the IRS believes you’re deliberately avoiding filing, they can take aggressive collection actions such as placing a lien on your property or garnishing your wages.
4. Substitute Returns: If the IRS notices a significant gap in your filing history, they might file a “Substitute for Return” (SFR) on your behalf. These returns don’t include deductions or credits you may be entitled to, often leaving you with a larger tax bill than necessary.

Steps to Take If You Have Unfiled Tax Returns

The longer you wait, the more complex and costly your tax situation can become. Here are some essential steps Milwaukee residents should follow:

1. Gather Your Financial Records

Start by collecting all the necessary documents for the years you haven’t filed. This includes W-2s, 1099s, and any other income records. If you no longer have these documents, Francetic Tax Resolution can help you request transcripts from the IRS.

2. File Your Late Returns

Filing your returns, even if late, can stop IRS collection activities and reduce penalties. It’s better to file late than not at all. At Francetic Tax Resolution, we handle all aspects of preparing and filing your overdue returns, ensuring accuracy and maximizing deductions.

3. Negotiate Penalties and Payment Plans

If you owe back taxes, it’s crucial to avoid ignoring them. Our expertise includes negotiating with the IRS for penalty abatement, installment agreements, and even Offers in Compromise. These programs can significantly reduce your tax debt or provide a more manageable payment structure.

Consequences of Ignoring Unfiled Returns

Milwaukee taxpayers who ignore unfiled returns risk facing severe consequences:

• Tax Levies and Wage Garnishments: The IRS can seize assets, such as bank accounts or even real estate, to satisfy unpaid tax debts. Wage garnishments, which automatically deduct money from your paycheck, are also common enforcement actions.
• Impact on Your Credit: Unresolved tax issues can harm your credit score, making it harder to secure loans, rent apartments, or make major purchases.
• Criminal Charges: While rare, in extreme cases, the IRS may pursue criminal charges for tax evasion.

How Francetic Tax Resolution Can Help Milwaukee Taxpayers

Handling unfiled IRS returns on your own can be stressful and confusing. That’s where Francetic Tax Resolution comes in. Here’s how we can assist:

• Personalized Support: We provide one-on-one assistance throughout the entire process. You’ll work directly with our founder, Paul Francetic, an Enrolled Agent (EA) with over 19 years of experience resolving IRS and Wisconsin Department of Revenue cases.
• Comprehensive Tax Review: We will thoroughly review your financial situation to determine the best path forward. Whether it’s filing multiple years of unfiled returns or negotiating a settlement with the IRS, we take care of every detail.
• Prompt Communication: With us, you’ll never be left wondering about the status of your case. We provide monthly updates and respond to your calls or emails within 24 hours, giving you the peace of mind you deserve.

Don’t Wait – Resolve Your Unfiled Tax Returns Today

Unfiled tax returns can lead to serious financial and legal problems, but there’s still time to resolve them. Whether you’re in Milwaukee or surrounding areas, Francetic Tax Resolution is here to help you get back on track with the IRS and state tax authorities. We offer tailored solutions to meet your specific needs, ensuring you don’t face these challenges alone.

If you’re dealing with unfiled returns or other tax issues, contact Francetic Tax Resolution today at (262) 752-6992 or visit our office at 5429 Deerfield Rd, Mt Pleasant, WI 53406. Let us help you resolve your tax issues and regain control of your financial future.