NYC based accounting firm serving individuals and small businesses in New York
Get Help Filing Your Prior Year Tax Returns in New York City
Gary Mehta, CPA, EA's NY Accounting Firm helps you prepare your late tax returns & solve back taxes!
The feeling is unmistakable: a nagging weight in the back of your mind, a sense of dread that grows every time you see a commercial for tax software or hear the word "IRS." Having unfiled prior year tax returns is more than just a financial problem; it's a significant source of stress that can impact every area of your life. If you have back taxes you've been putting off, you are not alone, and there is a clear path forward
Waiting is the worst thing you can do. The longer you let unpaid taxes sit, the more complicated the situation becomes as penalties and interest accumulate, turning a manageable tax bill into a daunting sum. The Internal Revenue Service does not forget.
This is where we bring relief.
At the office of Gary Mehta, CPA, EA, we specialize in helping New York City individuals and businesses navigate the complexities of filing past due tax returns. We are not just a tax preparer; we are your dedicated advocates. Our mission is to lift the burden from your shoulders, handle the IRS on your behalf, and guide you back to a position of financial stability and peace of mind. This guide will explain the consequences of not filing, our proven process for getting you caught up, and how our tax professional team can help you resolve your tax issues for good.
NY Accounting Firm prepares your late tax returns. We can file your back taxes for prior years.
What Happens If You Don't File Outstanding Returns?
Gary Mehta, CPA, EA breaks down why you should never ignore back taxes.
Many people believe that if they don’t file, the IRS won’t notice them. This is a dangerous misconception. The Internal Revenue Service is a powerful data-matching agency. They receive copies of your W-2s, 1099s, and other tax documents from employers, clients, and financial institutions. When the filing deadline passes and they don’t receive a tax return from you, their collection process for unpaid income taxes begins. If your returns are filed late, you may face additional penalties and interest charges. The IRS's actions are especially aggressive if you owe money on your income taxes
The Snowball Effect: Penalties and Interest
The moment you miss the tax deadline, the clock starts ticking on penalties. The IRS charges two main types:
- Failure to File Penalty: This is the most severe penalty. It's typically 5% of the unpaid tax for each month or part of a month that a tax return is late, up to a maximum of 25%. If you file taxes late, this penalty can quickly dwarf your original tax owed.
- Failure to Pay Penalty: This penalty is 0.5% of your unpaid taxes for each month or part of a month the taxes remain unpaid, also capped at 25%. While smaller, it adds up over time.
On top of these, the IRS will charge interest on both the unpaid tax and the penalties themselves, compounding daily. This is how a small tax bill can spiral out of control.
The IRS Files For You: The Substitute for Return (SFR)
If you wait too long, the IRS files a return on your behalf known as a Substitute for Return (SFR) (which stands for substitute return). This is the worst-case scenario for a taxpayer. The IRS typically creates the substitute return using only the income information they have, without including any of the deductions or tax credits you might be entitled to (like dependents, business expenses, or education credits). This results in a proposed assessment of tax that is almost always much higher than what you actually owe.
Losing Your Right to a Tax Refund
Did you have a great year for deductions? Did you overpay with estimated tax payments? You might be due a tax refund. However, there’s a statute of limitations. To claim a refund, you must file your past due return within three years of its original due date. After that, the money is forfeited to the U.S. Treasury. Every year, taxpayers risk losing millions in unclaimed refunds simply by not filing, including unclaimed tax refunds from prior years.
Long-Term Financial Consequences
Unresolved back taxes can have devastating effects on your financial life:
- Tax Liens: The IRS can place a public lien on your property (home, car, etc.), which severely damages your credit and makes it nearly impossible to get business loans or a mortgage.
- Bank Levies: The IRS can seize funds directly from your bank account without warning.
- Wage Garnishment: They can order your employer to send a portion of your paycheck directly to them.
- Loss of Future Benefits: Unfiled tax returns can delay or prevent you from receiving Social Security retirement or disability benefits.
The message is clear: the problem of unpaid taxes only gets worse with time. Seeking help from a tax professional is the first step toward a solution—experienced tax professionals can help you navigate complex tax issues and avoid severe consequences.
Don't risk the penalties. Find out what happens when you don't file your tax returns. #TaxReturns
WHAT Documents YOU NEED TO PREPARE Back Tax Filing?
Gary Mehta, CPA, EA: Your NY expert for filing back taxes & resolving IRS issues.
Before you can file your back taxes, it’s essential to gather all the tax documents needed for each tax year you’re addressing. Start by collecting your W-2s, 1099s, and any other income statements that show your earnings for the relevant tax year. These documents are the foundation of an accurate tax return and ensure you report all your income correctly.
If you’re missing any tax documents, don’t panic. The IRS can provide a wage and income transcript for the specific tax year, which summarizes the information reported to them by employers and financial institutions. While these transcripts don’t provide exact copies, they contain the key details needed to complete your tax filing.
To maximize your tax refund or minimize your tax bill, be sure to gather supporting documents for any tax credits or deductions you may be eligible to claim. This could include receipts for charitable donations, medical expenses, mortgage interest statements, or records of education costs. Using a tax-prep checklist can help you ensure you don’t overlook any important paperwork.
Having all your tax documents in order not only makes the process of filing back taxes smoother but also helps you claim tax credits and deductions you’re entitled to, reducing your overall tax owed. If you’re unsure what you need, a tax professional can guide you through the process and help you track down missing information.
We are New York's top choice accounting firm for delinquent tax preparation.
Responding to IRS Notices: What to Do When the IRS Contacts
Gary Mehta, CPA, EA: Your NY expert for IRS notice & back tax resolution.
Receiving an IRS notice about a past due tax return or an outstanding tax bill can be stressful, but prompt action is key to minimizing penalties and interest. Every IRS notice will outline the specific issue—whether it’s a request to file a past due tax return, a reminder about unpaid taxes, or a proposed assessment. Read the notice carefully and follow the instructions provided.
If the notice asks you to file a tax return, gather your tax documents and submit the required forms as soon as possible. If you owe a tax bill, paying it quickly can help you avoid additional penalties and interest charges. If you’re unable to pay the full amount, consider setting up a payment plan or contacting a tax professional to discuss your options.
Always keep copies of any correspondence you send to or receive from the IRS, including notices, responses, and proof of payment. This documentation is important for tracking your tax obligations and protecting yourself in case of future questions or disputes.
If you’re unsure how to respond to an IRS notice, don’t hesitate to reach out to a tax professional. They can help you understand your options, communicate with the IRS on your behalf, and develop a strategy to minimize penalties and resolve your tax issues efficiently. Taking action quickly is the best way to stay in control and avoid additional penalties on your back taxes.
New York's top CPA for back tax preparation of IRS and NY taxes.
Our Comprehensive Back Tax Preparation Services
Types of Late Tax Returns Gary Mehta CPA, EA Can Prepare
At Gary Mehta, CPA, EA, we provide end-to-end solutions for delinquent tax filings. Our accounting and tax services are designed to be thorough, strategic, and stress-free for our clients. We understand the nuances of past years filings and work diligently to ensure your returns are prepared accurately to minimize your liability. We can assist with any prior year tax return, no matter how long it has been overdue.
Late Tax Filing Services Include:
Our expertise covers a wide range of federal and New York State tax forms, ensuring we can help no matter your situation.
- Individual Income Tax (IRS Form 1040): The primary federal income tax return for individuals, including those with sole proprietorships (Schedule C), rental income, or investment gains.
- Corporate Income Tax (IRS Form 1120/1120-S): We prepare returns for C-Corporations and S-Corporations that have fallen behind on their filing obligations.
- Partnership Returns (IRS Form 1065): For partnerships and multi-member LLCs.
- Information Returns (1099-MISC/NEC): Crucial for independent contractors and businesses that hire them.
- Payroll Tax Returns (IRS Forms 940 & 941): We help businesses get current on their quarterly and annual federal unemployment and payroll tax filings.
- Estate and Trust Returns (IRS Form 1041): For fiduciaries managing estates and trusts.
- Non-Profit Returns (IRS Form 990): Helping tax-exempt organizations regain and maintain their good standing.
- New York State Corporate Tax (CT-3): Ensuring compliance with NYS corporate tax law.
- New York State Partnership Return (IT-204): The state-level filing for partnerships.
- NYS Payroll & Sales Tax (NYS-45, etc.): We resolve state-level payroll and sales tax issues.
- Foreign Reporting (FBAR, 5472): We handle complex international information returns to avoid exorbitant penalties.
We file delinquent returns for individuals, LLCs, and corporations across New York City, helping you get back into compliance with both the IRS and the New York State Department of Taxation and Finance.
Gary Mehta, CPA, EA files delinquent returns for individual, LLCs and Corporation in New York City.
Our Stress-Free Process: Back Tax Preparation made Easy
Gary Mehta, CPA, EA Makes It Easy For Individuals and Businesses for NY Back Tax Filing Preparation
Filing back taxes is more complicated than a normal tax filing extension. It requires a precise methodology. We’ve refined our process to make it as simple and transparent for you as possible.
Step 1: Confidential Consultation
Your journey begins with a 100% confidential conversation with our tax pros. There is no judgment here. We will listen to your situation, determine which past years need to be filed, and explain your options and our fees. You will leave this meeting with a clear understanding of the path forward. Schedule Your Confidential Consultation Today.
Step 2: Strategic Information Gathering
Don't have your old W-2s or 1099s? This is a common problem. We don't let it stop us. With your permission, we can request your wage and income transcripts directly from the IRS. This gives us the same income information they have, ensuring we can prepare a complete and accurate tax return. We provide checklists to help you gather documentation for potential deductions and tax credits.
Step 3: Meticulous Prior Year Tax Preparation
Our tax accountant team gets to work. We will:
- Use the official IRS tax forms and instructions for the specific tax year in question.
- Carefully analyze your situation to identify every possible deduction and credit you are entitled to claim tax credits.
- Prepare each past due tax return with precision to minimize your tax owed.
- Review the completed returns with you, explaining your tax bill or tax refund for each year, before we file anything.
Step 4: Filing and Post-Filing Resolution
Once you approve the returns, we will file them with the IRS and relevant state agencies. But our work doesn't stop there. After the returns are processed, the IRS will send a final tax assessment notice, which includes the calculated tax, penalties and interest. We then move to the resolution phase:
- Penalty Abatement: We can help you request penalty relief if you have reasonable cause or qualify for First-Time Abate.
- Payment Plans: If you can't pay your full tax bill at once, we can help you negotiate a formal payment plan (Installment Agreement) with the IRS.
- Offer in Compromise (OIC): For those facing significant financial hardship, we can explore if you qualify to settle your tax debt for less than the full amount owed.
Gary Mehta CPA, EA, makes back tax filings easy. Get help in NYC today. #TaxHelp #CPA
Your Trusted CPA and Tax Accountant Across New York City
We are a NYC-based accounting firm deeply committed to serving the individuals and small businesses
Our team provides back tax help across all five boroughs.
Back Tax Help in Manhattan
From freelancers in the East Village and small business owners in the Financial District to consultants in Midtown Manhattan and entrepreneurs in Tribeca, we provide the expert CPA services needed to resolve complex tax issues.
Delinquent Tax Services in Brooklyn
We support the vibrant communities of Brooklyn, helping artists in Williamsburg, shop owners in Park Slope, and startups in Downtown Brooklyn get their filing in order and focus on their craft.
Resolving Tax Issues in Queens
The diverse businesses of Queens, from restaurants in Flushing to construction companies in Long Island City, can rely on our business tax accountant expertise to navigate back taxes and state tax law.
Serving The Bronx and Staten Island
Our reach extends to all corners of the city. We provide dedicated tax preparation and resolution services to residents and businesses in The Bronx and Staten Island, ensuring everyone has access to a top-tier tax consultant.
NYC based Certified Public Accountant prepares back taxes in Manhattan, Brooklyn, Queens and more.