Unfiled Tax Returns
Glendale Finances Attorney
Life is wholly unpredictable. Sometimes this can be a good thing and you wind up with pleasant surprises, and other times it is less-than-ideal, leading up to stress and troubles. For all the things we need to deal with on a day-to-day basis, filing your tax return might be at the bottom of your to-do list. It is not generally considered to be fun and you might end up owing some money to the Internal Revenue Service (IRS) at the end of it – why would anyone want to prioritize it?
Failing to file your IRS tax return – or being a “non-filer” – can carry with it serious consequences, however. If you have not filed your taxes for many years and are now afraid “to get back into the system” and find out how much you owe, you should know that things are probably not as bad as they seem. With the help of a Los Angeles finances lawyer from Financial Recovery Law, you may be able to get back on track with the IRS sooner than you think.
Learn what to do next as a non-filer through a free consultation with our firm.
Potential Penalties and Benefits of Filing Again
Sooner or later, you will have to consider filing a tax return with the IRS again. If you do not, an IRS tax collector may show up on your doorstep, which creates an entire slew of problems. Namely, you could be forced to pay whatever you can, including steep late fees. If history is any indication of how things can go, the IRS will be more lenient if you save them the legwork and come to them.
You might be extremely glad you did decide to file your taxes again. In some cases, even though people have not filed for years, the IRS ended up owing them money once they did file again. Inaction would have allowed all of that money to slip away and swept into Uncle Sam’s coffer.
Helpful Hints for Non-Filers
Taking up the mantle and starting to work with the IRS again can feel like diving into a cold pool if you had not filed your tax returns in the past. Here at Financial Recovery Law, our friendly and knowledgeable Glendale tax attorney wants to make things as easy as possible for you and keep you afloat.
Keep these supportive tips in mind as we prepare to file your tax return:
- Missing records: It would be incredibly surprising if you managed to hold onto each financial record the IRS wants to see. For this reason, we may actually be able to retrieve copies of important forms that you may have misplaced by now, such as W2s, 1099s, K-1s, and more.
- Substitute bills: You could be looking at bills with steep payment requests. The truth is that these are usually estimates based on a substitute filed return created by the IRS in your absence. If and when you file a proper tax return for missed years, many of these bills may simply disappear.
- Abated penalties: If you can provide suitable reasons as to why you did not file your tax return, the IRS has been known to eliminate what penalties it can. Think of it as a reward for your honesty, and for saving them the trouble of tracking you down.
- Jail time: Being unable to pay your owed taxes after filing a return may ultimately lead to bankruptcy but it should not land you in jail. Failing to file could, however. Speak to us and we will figure out what steps you should take next to avoid these harsh consequences.
The sooner you take action, the sooner you will feel peace of mind. Contact us today and our finance attorney in Glendale can start reviewing your situation and crafting a solution that is personally tailored to your needs.
- Related: How to Solve Any IRS Problem
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