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Back Taxes LifeBack Tax
Back taxes consist of unpaid taxes that are owed from a prior tax year. Back taxes are also referred to as tax debt or past due taxes. These taxes may have been partially or fully unpaid during the corresponding tax year, and may be owed at the local, state, or federal levels. Taxpayers who owe back taxes are often subjected to interest rates, as well as penalties for not paying the owed tax amount on time. Unlike unclaimed tax refunds, which expire after three years, the IRS has a ten-year statute of limitations to collect back taxes.
Taxpayers may owe back taxes because they failed to file a tax return within the deadline for the corresponding tax year. Regardless of when they filed their return, if the taxpayer does not pay their taxes in full within the deadline, they incur late penalties from the IRS or their state tax authority, based on the amount of tax owed. Late payment penalties are charged on back taxes for each month after the due date that the taxes remain unpaid. Separately from these penalties, the taxpayer must also pay interest on any past due taxes.
Due to late penalties and tax interest, back taxes can rapidly accumulate and exceed the average taxpayer's control over time. In many cases, taxpayers may be unable to pay their back taxes and spiral into debt. The IRS and state tax agencies may try to collect unpaid taxes by seizing the taxpayer's property and/or assets through a tax levy, or assert their right to do so through a tax lien. Taxpayers who owe federal back taxes may even be charged with tax evasion and face prosection.
If you are being targeted by the federal or state government for back taxes, we at LifeBack Tax Relief can protect you from such devastating measures. Our tax experts will represent you before the IRS or your state tax agency and negotiate a solution on your behalf to help you pay your back taxes.
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