IRS Tax Information - Information Analysis

If you did not file a tax return for several years or missed some filings, the government may assess your taxes for you based upon available IRS information. When they do this, they base their substitute tax return on the income reported by your employers in accordance with IRS law information and regulations that pertain to your IRS return information. The government then uses IRS legal information when it calculates how much they believe you owe and sends you the tax bill. IRS billing information is the final step of the process.

Tax bills are usually larger when calculated using IRS return information. This is because the IRS information only uses the basic tax deductions. The government does not have the required IRS tax information to take additional IRS legal information and use it towards deductions or itemize your tax return. This is not the role of the IRS. Law information available dictates, however, that they still expect you to pay your tax bill and will take actions to place a lien on your house, seize your property or garnish your wages if you do not pay your taxes. IRS billing information will be sent to you as soon as they figure your tax for you.

If you received such a tax bill complete with IRS billing information or want to catch up with unfiled tax returns, you may need the IRS information compiled in your file. This is true for individual taxpayers and businesses needing to resolve federal tax issues, and IRS tax information is available. IRS return information exists for every tax-paying entity. Depending on your situation, you may need an Individual Master File (IMF), Business Master File (BMF) or an Information Reporting Program Report (IRP Report) that the IRS uses to calculate a substitute tax return. IRS legal information is also used to compute your liability.

If you are filing bankruptcy and need to include back taxes in your bankruptcy, you may need your IRS file to see how much they claim you owe.

These reports are difficult to decipher. However, the tax professionals at FSI Tax™ are experienced in reading and interpreting IMF, BMF and IRP Reports consistent with IRS law information. While information is important, making sense of the information is more important.

Contact FSI Tax™ and let our tax professionals assess your situation, explain your options and answer your questions.