Q: Unfilled Taxes for 2013 & 2014. IRS filled “substitutes for return”, and sent me notice of deficiency for 46,000$.
I have received a "Notice of Deficiency" from IRS, for over $46,000! I did not file my taxes for the years 2013 and 2014. Hence, IRS filed my taxes for me. They filed as "married filling SEPARATELY", and didn't claim any deductions.
If the taxes are filed as "married filing jointly", and mortgage interest deduction is taken, I would not owe any back taxes. In fact, I would get a refund. Unfortunately, I did not file the return and am kicking myself for my laziness and procrastination.
So, I am guessing this involves filling 2013 & 2014 returns. My taxes are quite straightforward (salaried employee, with a house mortgage). So I don’t need help in preparing the returns since I can do so myself. But I do need help in resolving this situation with IRS and FTB. I have no clue how to go about doing that.
How do I fix this? Is this simple enough to fix by myself by contacting IRS?
A:
The Notice of Deficiency will set forth the deadline for filing a timely petition with the US Tax Court.
Filing such a petition is the best approach to insure that you are adequately protecting yourself.
The filing of the petition will generate a settlement conference with the IRS Appeals Division, at which you can present your supporting documentation for all pertinent deductions.
Legal representation for the Tax Court filing is recommended.
1 user found this answer helpful
A: The IRS files a substitute for return to get your attention. They know that you will likely not owe the amount due under the return they prepared, they are just trying to get you to file. Contact a tax attorney to help guide you through the process. You will need to make sure that the returns are prepared and ready to be submitted to the settlement officer.
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