Infinity Tax & Financial Services

Lost Your W-2? Don't panic. Losing tax records doesn't necessarily mean you can't file your return. One of the most valuable tools available is an IRS Wage & Income Transcript.

This transcript contains much of the income information reported to the IRS by employers, banks, and other financial institutions.

It can often help reconstruct missing tax information when original records are no longer available.

If you're trying to catch up on back taxes, this is often one of the first places to start.

How Many Years of Back Taxes Do You Really Need to File? One of the biggest misconceptions we hear is:

"I have to file every tax return I've ever missed."

Not necessarily. Depending on your situation, the IRS may not require every missing return, but waiting too long can cost you refunds, increase penalties, and limit your options.

In our latest article, we explain:

✅ The IRS's general six-year compliance guideline
✅ When you may need to file more (or fewer) years
✅ What happens if you're owed a refund
✅ The first steps to getting back into compliance

If you've fallen behind, this article is a great place to start.

🔗 Read it here: https://www.infinityta.com/blog/how-many-years-back-taxes-do-i-need-to-file

Did you know?

Filing your tax return—even if you can't afford to pay—is almost always better than not filing at all.

The IRS generally charges a much steeper penalty for failing to file than for failing to pay.

If you're behind on your taxes, don't wait. Taking the first step today can save you money tomorrow.

Fuel Tax Credits

Did you know some businesses may be eligible to recover fuel taxes they previously paid?

The IRS recently announced a new pathway for certain taxpayers to claim fuel tax credits. Businesses involved in agriculture, transportation, construction, and off-highway fuel use may benefit from reviewing their eligibility.

Tax credits are often overlooked, which can mean leaving money on the table.

Have questions about your tax situation? Send us a message or visit www.infinityta.com to schedule a consultation.

Source:
https://www.newsweek.com/irs-unveils-new-path-to-reclaim-fuel-taxes-11901213

Infinity Tax & Financial Services: Tax, Accounting & IRS Relief Services Expert tax, bookkeeping, payroll, and IRS resolution services in Houston for small businesses. Simplify finances and stay IRS-ready with Infinity Tax & Financial Services.

TCE and VITA Grant Funding

The IRS is accepting applications for Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs.

These programs help provide free tax preparation services to qualifying taxpayers and play an important role in supporting underserved communities.

Programs like these help improve tax compliance while making tax assistance more accessible.

Have questions about your tax situation? Send us a message or visit www.infinityta.com to schedule a consultation.

Source:
https://www.msn.com/en-us/health/wellness/irs-invites-applications-for-tce-and-vita-grant-funding

Infinity Tax & Financial Services: Tax, Accounting & IRS Relief Services Expert tax, bookkeeping, payroll, and IRS resolution services in Houston for small businesses. Simplify finances and stay IRS-ready with Infinity Tax & Financial Services.

Conservation Easement Settlements

The IRS recently announced plans to offer settlement opportunities in certain conservation easement disputes.

For taxpayers involved in these cases, settlement programs may provide a path toward resolving long-standing tax controversies without extended litigation.

Understanding your options before making decisions is critical.

Have questions about your tax situation? Send us a message or visit www.infinityta.com to schedule a consultation.

Source:
https://www.cpapracticeadvisor.com/2026/05/11/irs-plans-settlement-offers-in-conservation-easement-disputes/183178/

Unclaimed Tax Refunds

Millions of dollars in tax refunds remain unclaimed because taxpayers never filed the returns needed to receive them.

If you've missed filing prior-year returns, you may still have time to claim money owed to you—but deadlines apply.

Waiting too long could mean permanently losing your refund.

Have questions about your tax situation? Send us a message or visit www.infinityta.com to schedule a consultation.

Source:
https://finance.yahoo.com/economy/policy/articles/irs-owes-refunds-millions-taxpayers-211116121.html

IRS Notice CP53E

Receiving an IRS notice can be stressful, but ignoring it often creates bigger problems.

The IRS CP53E notice is generally related to situations involving refunds and account verification issues.

Understanding what the notice means and responding appropriately can help prevent unnecessary delays and confusion.

Have questions about your tax situation? Send us a message or visit www.infinityta.com to schedule a consultation.

Source:
https://www.msn.com/en-us/money/taxes/what-you-need-to-know-about-an-irs-notice-cp53e-letter/ar-AA24617N

Taxation of Lawsuit Settlements

Not every lawsuit settlement receives the same tax treatment.

Depending on the circumstances, settlement proceeds may be partially taxable, fully taxable, or excluded from income.

The tax consequences often depend on the type of claim, damages awarded, and how the settlement agreement is structured.

Have questions about your tax situation? Send us a message or visit www.infinityta.com to schedule a consultation.

Source:
https://www.forbes.com/sites/robertwood/2026/05/28/how-lawsuits-for-cuba-confiscation-damages-will-be-taxed-by-irs/

Billions in Unidentified IRS Payments

Believe it or not, the IRS receives billions of dollars in payments that cannot immediately be matched to a taxpayer account.

Incorrect information, payment processing issues, and filing errors can all contribute to delays and confusion.

Keeping accurate records and ensuring payments are properly submitted can help avoid unnecessary tax problems.

Have questions about your tax situation? Send us a message or visit www.infinityta.com to schedule a consultation.

Source:
https://www.accountingtoday.com/news/irs-receives-billions-in-unidentified-payments