pikester1967 Posted April 9, 2014 Report Share Posted April 9, 2014 Client suddenly wishes to file returns from 2009 forward. Owes each year thru 2013. Appears he wants to mail in the returns? Total owed for all years is less than 10k. Pulled the transcripts and all information is correct. Was hoping to get this all set up on a repayment plan, and taken out of his paycheck weekly thru his employer. Considering how worn down I am at this point, was looking for different strategies etc. from others in here as well. Plus making sure I've not missed anything. Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted April 9, 2014 Report Share Posted April 9, 2014 At this point in time, I would suggest, no, insist on an extension for 2013 and tackle them all later. Good for client to finally try to get back on track, though, at least before getting nailed.I kinda doubt repayment can be made through payroll deductions but don't know for sure. I am only familiar with direct debit or mailed checks.It may be possible, given time, for client to scrounge up legit deductions that could mitigate the initially obvious tax balance. All the transcripts show is income. What about state tax liability?I'm sure others will chime in. Best of luck to both of you! Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted April 9, 2014 Report Share Posted April 9, 2014 A couple of things come to mind. 1. What is the state situation? How much does he owe and can he pay it. If he can, that would mean you are only working with one agency trying to get his money. 2. I don't know why mailing in the returns is a problem. It will also buy you a few weeks before you have to deal with the installment agreement. 3. I doubt his employer will do this. Better strategy is to have an automatic withdrawal from his account. Have the client get set up on direct deposit from his employer to make sure that the money is in the account when the IRS tries to pull it. 4. Your best value to the client is to come up with a great reason for him to not have filed so you can work on the FTF and FTP penalties that are going to push the bill up. You might be able to get some relief because you are coming forward (at least it sounds like they are not coming after him yet). It might play in his favor to have you in front of their collection activities. Just my thoughts. Tom Hollister, CA 2 Quote Link to comment Share on other sites More sharing options...
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