COMPLETE SMALL BUSINESS ACCOUNTING
POST TAX FILING SERVICES
Post Tax Filing Services
If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Department of Treasury by electronically filing a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR).
Savoy Bookkeeping and Tax Services, LLC is well aware of all FBAR related laws. We remind our clients about this deadline every year through repetitive emails. Once we get information from our client the we prepare and efile FBARs.
You should correct your return if, after you have filed it, by amending taxes. The possible errors could be:
You did not report some income
You claimed deductions or credits you should not have claimed
You did not claim deductions or credits you could have claimed or
You should have claimed a different filing status. (Once you file a joint return, you cannot choose to file separate returns for that year after the due date of the return. However, an executor may be able to make this change for a deceased spouse.)
We can help you to prepare and file amended taxes. Currently, IRS does not accept amended taxes through efile. Amending taxes need to be filed with explanations for all changes you made from the original filing. Our tax experts have years of experience to explain the changes in preparing amended taxes.
Previous Years Taxes
Forgot to file your prior years taxes by April, did not file by Oct and did not file by Dec either… we are here to help.
Take a deep breath. The good thing is you can still e-file your late taxes through e-file. However, you may be subject to one or more IRS penalties.
There are two penalty fees that the IRS has in place that you may be subject to:
Failure-to-file: this equals out to be 5% of your unpaid taxes for each month or part of a month that a tax return is past the April 15 deadline. This fee caps off at 25% of your unpaid tax.
Failure-to-pay: this works out to be 0.5% of your unpaid tax per month or part of a month and begins to accrue the day after taxes are due in April. This fee caps also off at 25% of your unpaid tax.
Contact us and we will help you to best possible way for filing taxes as well as for getting waiver for penalties.
Hello, see an IRS letter in mailbox? Please Contact us. Our tax professional are well equipped with tax audit knowledge. Our trained professionals will help you understand your IRS notice and answer all your audit-related questions.
The basic audit consultation is included in our tax fees for our existing clients.
Services we provide for audit support:
Understanding your IRS notice
Guide you the response for non-critical audits
Document preparation for audits
Representation to IRS for critical Audits (need Power of Attorney)