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I have several years of previous tax returns (business and…

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I have several years of...
I have several years of previous tax returns (business and personal) that need to be filed. 2011-2016.TIMELINE:2011, 2012, 2013 - Illinois Fed/State returns need to be filed for business and personal. I owned a business for many years. It Closed in 2013 (Ch7 business BK). Business was not profitable during those years. Annual gross revenue avg. $250k. I still have about $50k of personally guaranteed debt related to the business but as of yet, no collections efforts have been made against me (that I know of).2014 - No income, health issues kept me from working much.2015, 2016 - Moved to Ohio. Started a sole member LLC. Annual gross revenue avg $15k, health issues kept me from working much.NOTES:* Have not received any IRS notices to my Ohio address, however they may have tried my old Illinois addresses (not even sure if IRS has started collections)* Changed my first name in 2016 as a tribute to my grandfather whom I was named after. Last name and ss # still the same. I'm including this info because I'm not sure if this has affected the IRS' ability to find me.* Currently have no credit cards or debt. Very poor credit.QUESTION:
The previous business tax returns (2011, 2012, 2013) are going to be complex and expensive to complete. Would it make sense to file the 2015 and 2016 returns now since they will be easy to complete or should I file tax returns in chronological order?
OR should I get a copy of my transcript to see if the IRS has filed a SFR/ASFR so at least I can see what the 'damage' is? Who knows, maybe the SFR/ASFR doesn't show much tax liability since the business was clearly not profitable and thus, it would be cheaper just to leave it than to spend thousands to complete these tax returns.CONCERNS:
My main concern is 'poking the bear'. If the IRS has started collections but they just haven't discovered that I'm living in Ohio, and I file these 2015 and 2016 tax returns, I could be in big trouble. I won't have the money to complete the older 2011, 2012, 2013 returns for a few more months. In the meantime, I don't want the IRS to freeze my accounts.
Submitted: 7 months ago.Category: Finance
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11/27/2017
Financial Professional: Tax.appeal.168, Accountant replied 7 months ago
Tax.appeal.168
Tax.appeal.168, Accountant
Category: Finance
Satisfied Customers: 4,758
Experience: Tax Accountant
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Hello. Happy Holidays!! Thank you for choosing this Q&A service for assistance. My name is***** am reading over your inquiry. I will respond to you shortly.

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Financial Professional: Tax.appeal.168, Accountant replied 7 months ago

My apologies, I am going to have to release the question back into the question queue so that someone can assist you.

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Financial Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 7 months ago
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Finance
Satisfied Customers: 2,623
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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Hello, my name is ***** ***** I will be able to give you a high level overview of how you should approach your issue.

Q: The previous business tax returns (2011, 2012, 2013) are going to be complex and expensive to complete. Would it make sense to file the 2015 and 2016 returns now since they will be easy to complete or should I file tax returns in chronological order?

A: In general, you should complete the tax returns in chronological order. You may have Net Operating losses that you could carry forward or back.

Not filing returns gives the IRS additional time to audit the years when a return has not been filed and generally the penalty for not filing is greater then the penalty for filing and not paying.

Q:should I get a copy of my transcript to see if the IRS has filed a SFR/ASFR so at least I can see what the 'damage' is?

A: Yes, you should access your account online and request a transcript and wage and income transcript or a record of accounts.

In my opinion, you should resolve any state tax issues you may have before moving on to resolving any outstanding tax issues.

Concern: I won't have the money to complete the older 2011, 2012, 2013 returns for a few more months. In the meantime, I don't want the IRS to freeze my accounts.

Suggestion: Begin to collect the information you will need to complete the taxes and begin completing the tax returns one at a time.

Before the IRS will consider a compromise or installment plan to pay off your past tax dues, if any, you need to be in compliance, which means you need to have all previous tax years caught up.

If the IRS has starts collections then you will have an opportunity to state your case and appeal any decision that is made as long as you respond in a timely manner.

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Financial Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 7 months ago
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Financial Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 7 months ago

.

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Financial Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 7 months ago

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