Overdue taxes

You should prioritize filing immediately, as the IRS can assess failure-to-file penalties and interest that compound over time. Furthermore, the statute of limitations to claim a refund generally expires three years after the return's due date; if you are owed money from four years ago, you risk losing it if you don't act quickly. To resolve this, you should look for one of the following licensed professionals: 1. **Certified Public Accountant (CPA):** Best for complex situations involving business income, investments, or multi-state filings. 2. **Enrolled Agent (EA):** Federally authorized practitioners who specialize in taxation and have unlimited rights to represent taxpayers before the IRS. 3. **Tax Attorney:** Recommended if you are facing legal action, criminal investigation, or significant tax debt. **Steps to take:** * Gather all W-2s, 1099s, and financial records for each specific year. * If you are missing documents, your professional can request "Wage and Income Transcripts" from the IRS. * Ensure the professional uses professional software to calculate prior-year tax laws, as tax brackets and credits change annually. Do not delay, as the IRS may eventually file a Substitute for Return (SFR) on your behalf, which often results in a higher tax liability.