If you haven’t filed tax returns in several years, maybe because you didn’t think you had to or maybe out of procrastination, or for a lot of folks, due to hardship, yet you are getting tax bills for some crazy amount you couldn’t possibly owe, then the IRS has filed those returns for you.
This is called an SFR, Substitute for Return.
The SFR lists income, calculates taxes, and adds interest and penalties for failing to file your taxes. According to the IRS, “this return might not give you credit for deductions and exemptions you may be entitled to receive.” Although it might seem like a relief for some procrastinators who never filed their taxes, it might come at a very expensive price.
If you have questions about your SFRs, contact us to help. Working on Substitute for Returns is one of the scenarios we handle every day. We are located in Fort Smith, Arkansas and handle cases throughout the United States.
Give our tax resolution professionals a call at (855)-447-7332. We offer a free consultation to review your IRS troubles, and explain your solutions.