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Sik and I just received a lock in letter and also have late…

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Hi, my name is...

Hi, my name is ***** ***** I just received a lock in letter and also have late filings I need to address

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

In 2010 suffered minor heart, took time off, didn't go back to work until aug of 2011 and for poor reasons haven't filed taxes as I had small (less than $10k) of back taxes I had yet to deal with. Lost my job in May 2014 and didn't know how to set up payments for consulting work that I did afterwards. Finally have a full time job in nov of 2015. In Jan of 2016 received the lock in letter and reality starting to hit and I know I need to deal with

Submitted: 2 years ago.Category: Tax
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Answered in 28 minutes by:
2/2/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,984
Experience: Taxes, Immigration, Labor Relations
Verified

You received this letter because we determined that you’re not entitled to claim exempt status or more than a specified number of withholding allowances.

Generally, your employer bases the amount of withholding for federal income tax on your Form W-4, Employee's Withholding Allowance Certificate.

However, the IRS can review whether you are entitled to claim exempt status or a certain number of withholding allowances.

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Customer reply replied 2 years ago
I'm needing more directional advice in how to get my past due returns compliant and how to negotiate any potential of penalties if I can make some up front lump sum payments
Tax Professional: Lev, Tax Advisor replied 2 years ago

The first step is to request all information from the IRS about your tax obligations.
Generally - you may simply request your tax account transcripts fro past years.
You still may order the transcript online

https://www.irs.gov/Individuals/Get-Transcript

and it will arrive to you in mail.

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Tax Professional: Lev, Tax Advisor replied 2 years ago

Another way - to use form 4506T

https://www.irs.gov/pub/irs-pdf/f4506t.pdf

see mailing address in instruction on the second page - depending on your state of residency.

You will have separate transcript for each tax year - and verify your income reported to the IRS.

With all that information - you woudl need to prepare all your past returns - and calculate tax liability.

All tax returns must be sent to the IRS.

After that you may pay your tax liability in full OR you may negotiate an installment payment plan with the IRS.

.
I appreciate if you take a moment to rate the answer.
Experts are ONLY credited when answers are rated positively.
If you still have any doubts, need clarification - please be sure to ask.
I am here to help you with all tax related issues.

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