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Defined benefit planning
1. Help! I need to know how to File Prior Tax Returns!!
Are you living daily in fear of the Internal Revenue Service because you need to file tax returns
from a previous year or even multiple years? This cry for help may sound like a helpless plea, but
really, you are not alone. You need to know what your rights are as a taxpayer and how to best
resolve your tax issue. And like many others, you are not the only one out there that is facing the
cash balance rules.
The Internal Revenue Service, or IRS, has one obligation and that is to collect tax revenue. When
you do not file a return for prior tax years, you are going to be assessed a penalty for filing late or
non filing and you will also face additional penalties on any tax liability that is owed but not yet
paid. Don’t forget cash balance plans for sole proprietors.
It may seem obvious, but you need to file the prior tax returns. You can do this a number of ways
including working directly with the IRS on your own. The IRS may not necessarily be looking out
for your best interests, so if you decide to go this route, be careful. There are also online software
programs that will walk you through preparing defined benefit plan tax returns for prior years.
Again, these programs may not be able to accurately advise you of your rights and will not
always protect your interests. A certified tax professional is probably the best option to use to file
prior tax returns.
A tax professional is aware of tax laws and can work within the law to protect your rights. Often
because of that knowledge, they will be able to help you through every step of filing the prior tax
returns and advise you of your rights and some tips that may save you money on your tax
obligation. They can also negotiate with the IRS on your behalf so you may never have to step
foot into and IRS office or speak with an agent.
If you need to know how to file prior tax returns and you are at a loss as to where to begin, protect
yourself and seek help today. You do not have to face the IRS on your own.