subject: statements not filed tax IRS process, consequences, and recommended guidelines [print this page] statements not filed tax IRS process, consequences, and recommended guidelines
If you are a taxpayer with tax returns Unfiled? This is not something you want to forget more. If you do not return to a past, you must keep the file now, not after. How to wait longer and longer, the worst. It 'really what you want? Although you may feel are filed tax returns are a great weight, you can resolve this problem in a very short time if you know the political process, and to take measures.
How does the processWork?
If you are not required to file taxes for a year or more you go to a filer from the IRS. This is a state that you do not want. The IRS has established a system to determine who has not submitted all the right turns. To this end, the corresponding W-2 and 1099 information on the costs of information system program. So, if not immediately hear from the IRS, can sometimes go to see that you are not registered and notices and you will soon receive. Thatis when you start the real problems.
What are some of the consequences of a breach of the file?
1st fines and criminal charges criminal charges (rare), can be brought against, Unfiled tax returns, if you have money and the IRS. This is not to take anything too lightly. It 's a serious issue and the IRS will enforce the law if you do not, not all at once. A fine of up to $ 25k per year for each year that does not occur in the file. Together withThese can be ordered and the time in prison.
Penalties 2nd grow your tax liability is (when it comes to taxes) and you end up with more than its initial sum for the absence of other sanctions. The penalty for failure may arise on the unpaid amount to 5% per month (up to 25% after 5 months) file.
3rd The IRS will file a return for you that sounds good, but it is not. If the IRS files a return for you (called a return MEP)You might miss some important credits and deductions important. Again, this will only result in you more for the IRS.
4 do not qualify for bankruptcy if Chapter 7 or Chapter 13, if you do not submit a tax return are not eligible for failure to pay taxes.
Guidelines to be observed or steps
You can file by April 15, then you can request an extension with IRS Form4868, which until October 15 is the file (no charge). This will also help to avoid the bankruptcy file penalty (unless the file, October 15). When you tax return is much older, you should immediately begin the process of collecting old tax documents (W-2s, 1099s, etc.) so you can quickly file possible.
If you have not logged in Old and taxes are not sure of their situation and how you move, contact a qualified taxProfessional.
