Consequences of Missing your Tax Deadline and How to Fix it

Paying taxes by the specific deadline is something that should be done by all the citizens. As most of you must be aware already that the tax deadline was April 15th, 2020 all over the US however for this year it got extended to July 15th, 2020. The IRS reminded all taxpayers to file their due taxes however there are some taxpayers who have missed the July 15th deadline. Extensions of date for tax payment for filing could be asked by taxpayers before July 15th, 2020. Needless to say, I you fail to file the taxes you can land into trouble with the IRS.

The longer you take in filing your return, the higher the penalties and interest on unpaid taxes that you will be charged by the IRS. It should also be noted that just filing the taxes before the specific deadline does not guarantee that you will not be audited or penalties will not be charged. If you have somehow misfiled the taxes or filed less than what you owe the IRS there may be penalties that may be imposed on you. The best way to avoid these circumstances and to amend the situation is to contact a tax attorney at the earliest. Here are some of the key benefits that the taxpayers can get with the involvement of the tax attorneys are as follows.

•     Filing of Back Taxes – One of the most important help that the tax attorney can provide is the filing of your pending taxes. Many times taxes need careful consideration since the tax laws change constantly and differ from other areas and cities in the country. By accurately and promptly filing the back taxes the tax attorney can avoid any legal complications for you due to tax debt.
•     Penalty Relief - You may qualify for penalty relief if you are regular in paying your taxes and have a clean tax filing history. Even with the penalty relief, the interest will be payable to the IRS by you. To get your penalty relief the best way is to contact a tax attorney who can fill the necessary paperwork to ensure you can get penalty relief. With the penalty relief, the interest amount is significantly reduced. 
•     Minimize financial implications – Many actions of IRS such as Tax Lien, Tax Levy, Bank Levy and Wage Garnishment can have severe ramifications on your financial stability. The tax attorney can ensure that all actions are taken at the right time to ensure IRS does not proceed with these actions. It can stop the course of events that may even end in filing for bankruptcy.
•     Negotiating installment agreement – If you need time to repay the tax debt since you do not have the money at the moment, you can rely on your tax attorney. The tax attorney can negotiate on your behalf with the IRS to come up with a repayment plan and an installment agreement that meets your financial situation.

If you have missed the tax deadline, it is strongly recommended to contact the National Tax Attorney at the earliest. The National Tax Attorney specializes in misfiling of taxes and ensures their client’s interests are well represented while negotiating with IRS.