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I havent filed a federal tax return in five years…what should I do?
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16 Responses to I havent filed a federal tax return in five years…what should I do?
Start filing, start fresh!
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turn yourself into federal prison
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get a lawyer, now………….
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Bend over.
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If your income is substantial, I’d have an accountant get you caught up… that will give you someone who can accompany you to the audit.
Aloha
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It is a worse crime to lie on your tax return (felony) than to not file (misdemeanor). Find a good tax person and go back and file for those years, it isn’t too late. You will have to make payments to the IRS if you owe money, but they might owe you money and then you will be alright:) BUT the state of Arkansas said I owed them money, my tax lady corrected it, they owed me money……of course they never paid me and they never will, but at least I didn’t have to pay any fines
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File all of them with the next one.
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If you are undocumented you don’t have to worry,even you like to pay you can! otherwise call the IRS department and seek advise from them instead of wasting money behind the lawyer.The IRS will charge you Interest + Penalty..you can ask them to pay by installment if you like to do so.
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get on in before the interest starts adding up.
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Sit down with a tax expert & go over your income for the 5 years. It’s possible you owe, didn’t have to file, or could be due refund(s).
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Move to Mexico.
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Get help from someone (an accountant or tax preparer) who specializes in non-filers. Have the person help you assemble files of your earnings and expenses for the last five years, and then have that person, not you, contact the IRS for you.
There are criminal penalties for not filing, but, in the end, the IRS just wants the money. If you don’t have it (it could always be that they owe you), they’ll work out a plan for you. If you do have it, be prepared to pay as soon as possible. The penalties keep accruing until you pay it off.
If you don’t file soon, be ready for a lot of trouble.
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You may still file returns for any years that you have missed. It will be necessary to reconstruct your income and deductions for those years, which you may find difficult to accomplish. In some cases you can request information from the IRS as to what has been reported as income and make that a starting point. The one thing that I have found is that some people get money back from those prior year returns because they were not aware of credits and deductions that would have applied. I would strongly suggest that you contact a tax professional as you may find that they could save you more than they charge. The following link will give you the form necessary to get a transcript of all W-2s and 1099 forms filed with the IRS with you Social Security Number (and that of your spouse if necessary)
http://www.irs.gov/pub/irs-pdf/f4506t.pdf
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I have been there and done that.
Don’t go get and Attorney. Just have your Taxes done and send them in. For the most part, I was due refunds from IRS and owed the State. If you owe you will also have penalties and interest. With the State there was one year I was due a refund the following year I owed and they just kept my refund. Also for the first year I didn’t file, I was due a refund from IRS and they sent me a letter saying that to much time had passed and they were not going to refund my refund?
It’s all water under the Bridge now and I am not missing filing again.
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When W-2′s, or any other income source, is reported under your social security number – copies of all that information is sent to the IRS as well – every single year. If you have not been contacted by the IRS for not filing returns when they think that you should have – the possibility may exist that may not have earned enough income. However, if the recordation sent to the IRS shows that you did earn enough income, and didn’t file – you may be in a bit of a pickle. If you are truly concerned about it, and don’t want to take your chances, go to a local IRS office and tell them that you want to file. They can pull up all of the W2′s, 1099′s 1098′s etc… given to you in the past five years and can tell you where you stand and what you need to do. You can also call 1-800-829-1040 for Individual Tax issues.
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The IRs can go back 6 years if it wishes to persue criminal charges. However, if you contact a licensed tax person, preferrably an EA, you can reconstruct those years, get them filed, and sleep better.
The best I’ve found: Sandifer Tax Services, Inc.
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