What Happens If You Have Unfiled Tax Returns?
If you find yourself in a situation in which you have a few (or many) years of unfiled tax returns, you may be worried that one day the IRS is going to catch up with you. And, in all honesty, you would be right. If you owe the IRS money and have not filed returns, then the IRS will eventually make contact with you. It might not be right away—in fact, it could take months or even years for the IRS to reach out to you. The best possible thing that you can do if you have unfiled returns is to get ahead of your situation and make a plan to file your return(s) ASAP.
Do Not Panic
Excess worry will not help your situation, and may just make it more difficult. Try to relax and realize that you are not the only one that has faced the task of resolving unfiled tax returns. You are in much better shape if you approach the IRS, rather than waiting for the IRS to notice and approach you. A clear head and a positive attitude will go a long way toward solving your tax issues.
Contact the IRS
While the IRS may have an intimidating reputation, their representatives can actually be quite helpful, especially if you are making contact with them to proactively solve a problem. The IRS will be able to provide you with some time to file these returns and may be able to give you a sense of how much you will expect to see in penalties and interest.
Consider Professional Support
If you decide that you need help gathering your tax documents, reviewing your old and unfiled returns or making contact with the IRS, you may want to considering getting the help of a tax professional. A reputable tax firm will have extensive experience with unfiled returns and can give you advice about the best way to proceed in your individual case. In addition, a tax professional will know exactly the right questions to ask the IRS representatives that may actually help your situation.
Take It One Step at a Time
If you find that you owe a fairly large sum of money to the IRS, keep in mind that there are often payment options that may allow you to pay the amount over time (installment agreement) or in some cases, settle your debt for less than the full amount that you owe (offer in compromise). A tax professional can also provide guidance on your payment options.
Success Tax Relief Can Help!
If you are facing a stack of unfiled tax returns, act now. If you continue to ignore the situation, you will only find yourself owing more money to the IRS in interest and penalties. Deciding to partner with a tax firm may be a smart move for you and your family.
Success Tax Relief has more than 30 years of experience working closely with taxpayers and the IRS to find solutions that are workable. Give us a call today at 1-877-958-6638 and learn how we can help you!