In the US, unreported income tax is a major concern. People fail to file their returns and don’t report their proper income for a number of reasons. There might be different reasons behind unreported income, but the IRS has a strict stance against these things.
Once the IRS finds out, they might impose audits, penalties, and other legal steps. IRS has several ways to detect unreported income. Firstly, they will impose heavy penalties on your tax debt and later impose further interest on your penalty amount. Every responsible citizen must check their IRS returns and settle debts if there are any.
Even after taking precautions, if you are facing challenging tax situations, you must contact the Leading Tax Group. We can help you avoid liens, wage garnishments, and other complications. Better to file your returns on time and avoid tax complications.
If you are interested in a tax settlement or if you have received a settlement offer from the IRS, now is the time to call Leading Tax Group. Our tax settlement professionals (whom include former IRS tax attorneys) are always ready to work with you and provide you with the information and representation you need.
800-900-4250
When you fail to report your income, the IRS has full power to take both financial and legal actions against you. IRS will use all means to find out people avoiding taxation. Further, they will initiate an audit process for those people.
IRS acts strictly against people who don’t report their income. There have been cases where the concerned person has to face strong criminal charges. These are the reasons behind managing your taxation carefully and settling all the debts on time. Contact Leading Tax Group for any help regarding IRS tax matters.
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Having professional help is necessary to handle unreported income in the US. It is the best way to deal with penalties and other legal issues. Leading Tax Group, an agency of Tax Consultants, Tax Attorneys, Enrolled Agents, and Former IRS Auditors, will take care of your case by focusing on small but important matters.
We will negotiate with the IRS so that you can qualify for voluntary disclosure programs and minimize your penalty amount. Use of the Installment process and Offer in Compromise might also help you in this process.
Headquartered in Encino, California with multiple local branch offices in your backyard to serve you at your convenience. Leading Tax Group can schedule a face to face consultation to represent your case with the IRS, FTB, EDD, as well as CDTFA Audits.
Unreported income is the money you don’t disclose in front of the IRS. People, after earning some additional amount as freelancing or investment, try to hide it to save some tax money. This is risky for your financials. IRS might find out and take action against you.
After the IRS knows about your unreported income, they will surely take action. In most cases, the IRS will impose a 20% penalty on your unpaid taxes. For fraud, the rate of penalty is significantly high as 75%. In some special cases, the concerned person might face criminal charges as well.
IRS uses a number of methods to detect unreported income. Any mismatch in your reporting, bank documentation, or audits is a few popular ones that the IRS uses. Third-party reports can also be helpful for them.
Every individual should file their returns on time to avoid IRS tax grips. Having unpaid taxes is not good for any individual. It is time to find a tax group professional enough to deal with pending taxes and settlements.
When you have already received penalties, either choose voluntary disclosure or show reasonable causes for the mistakes you have made. Leading Tax Group, an agency of Tax Consultants, Tax Attorneys, Enrolled Agents, and Former IRS Auditors, is here to help you.
info@LeadingTaxGroup.com
Mon-Friday : 7:00am - 6:00pm 
800-900-4250