Platinum Tax Defenders Issues a Reminder About the Importance of Filing Back Taxes

LOS ANGELES, March 10, 2020 /PRNewswire-PRWeb/ -- Following news that a small business in Aurora, Colorado, is shutting down for not filing back taxes, Platinum Tax Defenders has issued an essential warning to all taxpayers regarding the importance of back tax file.

"Tax season is upon us, which means it's time to get your taxes in order—taxes for the past year and even taxes for three years before that if need be," said Sherri Gastellum, CEO of Platinum Tax Defenders. "The closing of a small business in Colorado is a reminder of why it's so important to stay in good standing with the IRS every year."

The small business that closed after not filing back taxes was a pet store in Aurora, Colorado. According to a report from KDVR in Denver, the pet store was shut down on Tuesday, March 3, after the owner owed the IRS $86,000 in back taxes file. A city spokesman for Aurora said the business owner will still be responsible for filing back taxes and paying the $86,000 owed. The delinquent tax payments are what led to the closing of the pet store. This story serves as just one example of how the IRS can seize personal or business property for failing to back tax file.

What to know about filing back taxes
Platinum Tax Defenders reminds taxpayers how important it is to remain in good standing with the IRS each year. Failing to file back taxes can lead to several issues with the IRS, including hefty penalty fines and interest charges, and the seizing of assets, like was done with the pet store in Aurora, Colorado. The experts at Platinum Tax Defenders have years of experience helping their clients back file taxes, and here's what they want you to know.
The IRS states that taxpayers must file six years of back tax returns to be in good standing. Depending on the situation, the IRS may require taxpayers to file back taxes dating back even farther than six years.
You can only claim refunds when you back tax file tax returns within three years of the due date of that return. Any refunds you may have been able to claim before will be lost.
When you aren't consistent about filing back taxes, penalties such as failure to file and failure to pay can add up. When combined, these penalties, over time, can add up to approximately 48% of your tax bill. Depending on the tax situation, Platinum Tax Defenders may be able to help with requesting a penalty abatement, in which the IRS will agree to remove or decrease the number of penalties you owe for failing to back tax file.
The IRS may file your tax returns for you, called a substitute return. The IRS will typically file a substitute return three years after you don't back tax file.
Filing back taxes may require special processing.
If you owe the IRS after you back tax file, but can't pay, there are options. The experts at Platinum Tax Defenders offer tax resolution services that help taxpayers get out of tax debt owed to the IRS.
Your tax resolution specialist can work directly with the IRS on your behalf. All you need to do is sign an authorization form that allows them to call the IRS and request the information they need regarding your case.

Platinum Tax Defenders reminds taxpayers that, especially during tax season, it's essential to get in good standing with the IRS. File back taxes today so you can ensure your assets, both property and financial assets, remain under your supervision.

About Platinum Tax Defenders
The expert tax resolution specialists at Platinum Tax Defenders have been helping clients with tax resolution issues for years. Their team of expert tax attorneys enrolled agents, CPAs, and other tax resolution professionals can help with filing back taxes so that taxpayers remain in good standing with the IRS. Platinum Tax Defenders is currently offering free consultations to new customers. For more information, visit http://www.platinumtaxdefenders.com or call 866-866-8053.

SOURCE Platinum Tax Defenders