Back Taxes, Prior-Year & Amended Returns in Orlando
Behind a year or more, or need to fix a return you already filed? 360 Global Business LLC has handled federal returns since 1999. No judgment, just a clear path forward.
Unfiled returns and IRS letters rarely get better with time. The penalties keep growing while the mail sits unopened. The good news: the first step is usually simpler than people expect, and it starts with one conversation.
What waiting actually costs
Failure to file
Usually 5% of the unpaid tax for each month or part of a month the return is late, up to 25%. If a return is more than 60 days late, a minimum penalty applies.
Failure to pay
One-half of 1% of the unpaid tax each month, up to 25%. It rises to 1% a month if the tax is still unpaid 10 days after a notice of intent to levy.
Interest
Interest is charged on top of penalties at the federal short-term rate plus 3%, compounded daily, until the balance is paid in full.
Source: IRS.gov, Topic no. 653.
The move that saves the most: file, even if you can’t pay yet
The failure-to-file penalty is ten times the monthly failure-to-pay penalty. Filing stops the bigger one. Once your returns are filed, we look at the balance together and walk you through the options the IRS offers, such as payment plans. If you truly cannot pay because of financial hardship, the IRS may place your account in Currently Not Collectible status, which pauses most collection activity. It is a pause, not a pardon: the balance, penalties and interest remain.
Prior-year returns
We prepare individual and business returns for past years, gather the income records the IRS already has on file and get you current, one year at a time.
Amended returns (Form 1040-X)
Missed a deduction, a credit or a form? An amended return corrects it. To claim a refund, Form 1040-X generally must be filed within 3 years after the date you filed the original return or within 2 years after the date you paid the tax, whichever is later. Amended returns can be e-filed for the current and two prior tax years. The IRS generally takes 8 to 12 weeks to process them, and sometimes up to 16 weeks.
Source: IRS.gov, Topic no. 308.
Related reading: What the IRS already knows about your business · Tax preparation in Orlando · Tax planning
Work with us from anywhere
360 Global Business LLC
2295 S Hiawassee Rd, Suite 104
Orlando, FL 32835
1-855-500-1514 · info@360globalbusiness.com
Monday–Friday, 9:00 AM–5:00 PM
Saturday, 9:00 AM–3:00 PM
Serving Orlando, Ocoee, Winter Garden, Windermere, Dr. Phillips, MetroWest, Pine Hills and clients across Florida and nationwide through secure online uploads.
Back tax and amended return questions
I haven’t filed in years. Where do I start?
Start with a call. We review which years are missing, pull the income records the IRS has on file and build a plan to file them in the right order.
Should I file even if I can’t pay?
Usually, yes. The failure-to-file penalty is 5% a month versus 0.5% a month for not paying, so filing on time or as soon as possible stops the larger penalty.
How long do I have to amend a return?
To claim a refund, generally within 3 years after you filed the original return or 2 years after you paid the tax, whichever is later.
How long does an amended return take?
The IRS generally takes 8 to 12 weeks, and in some cases up to 16 weeks. You can check status with the IRS Where’s My Amended Return tool about three weeks after filing.
Can you help if I got an IRS letter?
Yes. Send us the letter and we will explain what it means and what to do next before any deadline in it passes.
Get current with a team that has been in federal tax since 1999.
Call 1-855-500-1514 or book a time that works for you.