Do you have previous tax returns that you have not filed? Perhaps this was due to procrastination or in a misguided attempt to avoid paying taxes? To limit the penalties the IRS can assess, including criminal charges, it is of the upmost importance that you act quickly to remedy this situation.
If you’re having tax problems
Tag: unfiled tax returns
While you can work with a tax preparer to file your annual taxes, there are situations where you should seek representation from a tax attorney. Some instances where it can benefit you to hire an attorney include: if you’re facing a tax audit; if you’re being charged with tax fraud; if you have a large… Read more »
Every year you are required to file a tax return with the IRS. Failing to do so can have numerous consequences, from penalties to criminal charges. Learn more about what you can expect if you have unfiled tax returns, what options you have, and how a tax attorney can help. Key Insights We Will Discuss… Read more »
You might be unaware that you have unfiled tax returns until you get a notification from the IRS. These notifications can take on many forms, so it’s important to hire a tax attorney to help guide you through the paperwork and the next steps to navigate the exemptions, credits, and deductions you are entitled to.
According to IRS statistics, 146 million U.S. taxpayers file their income tax returns each year. Meanwhile, about 7 million taxpayers fail to file their required income tax returns. If you are part of the 5% who have not filed, this article is for you.
Failing to file tax returns can lead to immediate issues and problems that surface months or years later. The IRS won’t forget that you have delinquent tax returns, and the consequences can become more severe as time passes. You may face any or all of the following problems if you have unfiled tax returns.
Unfiled Tax Returns Some people avoid filing their tax returns because they don’t want to pay taxes to the IRS. Other simply forget or don’t know they need to file. Whatever the reason, having several years of unfiled tax returns can create problems whether you are due a refund or have a balance due… Read more »
Pre-OIC Requirements Before you submit an Offer in Compromise (OIC) to the IRS, you must file all delinquent tax returns. If you send in an OIC and still have unfiled returns, the IRS will return your offer without even considering it.
Unpaid Taxes, Unfiled Returns If you owe taxes to the IRS, you owe the tax whether or not your file. Some taxpayers avoid filing because they can’t pay their tax bill, but this doesn’t do anything to eliminate the tax debt.
What Happens If I Don’t File My Tax Returns? The law obligates every citizen to pay taxes to the IRS if their income satisfies a certain threshold. Only dependents are exempted from this rule. Similar to any other rule, filing tax returns is mandatory; there are no other ways about it. Failure to file tax… Read more »