Author Archives: Carl Hartung

Haven’t Filed in a While? No Problem!

Your Checklist to Resolution

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1. Gather the Documents

  • Bank Records
  • Auto Log
  • Income statements
  • Cash receipts

2. IRS Wage & Earning Reports

  • Confirm what the IRS has and does not have
  • 3. Reconstruct What is Missing

  • Obtain from vendors
  • Reconstruct expenses based upon work done
  • Industry standards

4. Prepare missing returns (limited to last 6 years)

  • Prepare both MFJ and MFS
  • Pull IRS transcripts to confirm what is missing or SFRs

5. Review state voluntary disclosure rules

  • Limited lookback?
  • Penalty waivers?
  • Interest reduction?
  • Payment options?

6. Compare MFS to MFJ

  • Community Property State vs Separate Property State
  • Impact on Collection?

7. Calculate RCP

  • Net equity in assets
  • Future income calculation

8. Determine Collection Alternative that Works Best

  • Installment Agreement
  • Uncollectible Status
  • Offer-in-Compromise

9. File Returns Based Upon the Strategy for Resolution!

Want Help? Need to Resolve the Tax Nightmare?

Contact us today!

Tammy Korenek, Enrolled Agent
Executive Tax
Phone: 830.456.6566
EMail: Tammy@ExecutiveTaxRep.com

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