Unfiled Returns / Back Tax Returns
Does the IRS Know I Have Back Taxes?
Yes. Just because you haven’t yet received a notice about your unfiled returns doesn’t mean the IRS is unaware. Many people think they should “wait it out,” hoping the IRS won’t notice, but this is not a good idea. If you do not address your back taxes, the IRS will figure out what you owe for you, and then deliver their conclusions. In fact, the IRS can legally file your taxes for you if you don’t, and this will create the largest tax debt possible. It is better to file your returns late, make the calculations yourself, and address the problem right away. Waiting for a notice from the IRS might mean waiting for a lien or levy, which is a much more complicated situation than filing back taxes.
It’s a good idea to speak with our Tax Attorneys and Tax CPAs prior to filing multi-year back tax returns. Contact Us for a Zoom Consult.
Is it too Late to File?
The rule of thumb for keeping records and filing late returns is three years. However this three-year role does not apply to unfiled returns. If you have back taxes, Contact Us and our Attorneys and CPAs will help you determine the best course of action. If you wait for an IRS notice, this will likely appear in the form of a lien or levy (seizure) of your bank accounts or property.
What Do I Do?
If unfiled tax returns are hanging over your head, the best course of action to take is filing. Our Attorneys and CPAs will help you arrange the proper documents, file past returns, and reduce your tax debt as much as possible. Contact Us.
