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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16576
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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When you do a compromise, do you report unreported income?

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When you do a compromise, do you report unreported income? do you file years you have not filed?
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

Thank you for your question. If you have years of unfiled tax returns, that fact will likely come to light when the offer in compromise is being processed. Therefore you should definitely file all tax returns and fix any and all returns that have unreported income before submitting an offer in compromise. This will ensure that your issues with the IRS are complete, as there will be no outstanding unassessed tax years. If you do not fix your file first, then you could have issues and end up owing additional tax later on down the road.

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