Monday 11th of December 2017 12:27:28 AM

  • Unfiled Tax Returns

    Tuesday 02nd of August 2011 11:34:58 PM

    Remember, it is not illegal to owe the IRS money (unless there is fraud involved) but it is illegal not to file. Even if you owe money and cannot pay, it is in your best interest to file timely. This can help limit the statutory additions such as, failure to file & failure to pay penalties.

    If you have 2 or more years of tax returns that need to be filed, it is best to hire a firm that specializes and understands filing back taxes. There are no shortcuts when dealing with filing your taxes. Furthermore, the longer you procrastinate, the higher the risk of having the IRS file substitute returns which can create a large tax debt. If that happens, which will eventually happen, collections are next. All this is easily avoidable by taking action and dealing with your unfiled returns immediately.

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