Delinquent Returns
I was looking for some information on unfiled tax returns and I found some very useful information on the website of Joe Mastriano CPA, here’s a interesting quote from his website at www.taxproblem.org:
What is your reason for not filing your federal tax returns?
IRS Actions When You don’t File or Don’t Report Your Income
The IRS often doesn’t care what your reason is for not filing, or owing back taxes. They have improved their programs for matching 3rd party payer records with individual and businesses who have not reported that particular income source. It’s better to resolve your unfiled returns before the IRS comes after you. By taking action now, you will have more time to file. After we pull the records the IRS has on you, you won’t be defending why you didn’t include income on your return. Mostly, you will probably avoid an audit of your old return.
When the IRS finds that the income is not reported on your return, or discovers a return is not filed, they will start sending out notices. The notices will either request that you file, or charge you with additional taxes. If you ignore the letters, or do not resolve the matter to the IRS’s satisfaction, they may turn your case over to a collection officer who may call or visit you. I’ve never had a taxpayer tell me that the visit was a pleasant experience!
If you need more information on past due tax you should search our site.
It May Take Years To Discover Delinquent Filing
Sometimes it taxes several years before the IRS notifies you that you did not file your return. This is not the situation you want. After several years pass, you may have lost vital records, and have forgotten much about your financial situation. The interest and penalties for filing and paying late may be insurmountable! Please take action now to resolve any delinquent tax return issues you have. This will minimize any non filer assistance from a CPA or Attorney you will need to help solve you past due returns.
I love this guy’s website, all you need to know about taxes and the IRS is available freely on his website, and he also has a comment section where he provides quick tips and advice to his users. I needed to learn more on late tax filing so I called his secretary and arranged a one hour paid consultancy so he can go over my situation and give me some advice.
