There are numerous reasons why people do not file tax returns and once one or more years has gone by of unfiled tax returns, it can be overwhelming to know what to do to resolve the situation. Of course, the IRS and state taxation authorities won’t simply overlook the fact that a tax debt is still due, even if a tax return hasn’t been filed, and there can be stiff penalties and interest assessed for not filing and not paying taxes owed.
One of the biggest problems with rectifying a situation of an unfiled tax return is that many people no longer have the proper records needed to file a tax return for a prior year. However, experienced tax professionals, such as the ones at People’s Tax Relief, can often prepare unfiled tax returns from information in the IRS’s Master File Transcripts (which contains W2’s, 1099’s and 1098’s for previous years), as well as from other sources. This is often preferable to the Substitute Return that is prepared by the IRS on behalf of taxpayers that don’t file a return to determine the amount of tax owed.
If you have not filed a tax return for one or more years, it’s important to address the unfiled tax returns as quickly as possible to avoid mounting penalties, compounded interest and possible collection action from the IRS. You may even have a tax refund due to you, and if that is the case, you don’t want to miss out on the refund simply because the time limit for claiming the refund has expired.
Have Unfiled Tax Returns? Contact Us Today!
If you have not filed tax returns for one or more years and are ready to move forward, call People’s Tax Relief for a free, no-obligation tax consultation at 888-618-0593 or fill out the form on the side of this page and one of our experienced tax specialists will contact you. During this consultation, we will advise you on the best way to become compliant with U.S. income tax laws by submitting unfiled tax returns.