When You Should File Your Past Due Returns

Tax payers fail to file their tax returns for any number of reasons: they know they owe money and can’t afford to pay, they run out of time, they don’t know how to do it, or they simply forget.

No matter your reasons are for not filing, it’s important that you DO file all past due returns as soon as possible. Normally, you can file your past due return at the same place you file your current return, but if you received a notice, send your past due return to the location indicated on the notice.

Why Should You File Your Past Due Return Now?

There are several legal reasons why you need to file your past due returns ASAP, but some that might get you doing so more quickly are:

·      You’ll avoid additional penalties and interests

·      You could lose out on your refund – for the years you didn’t file and for the coming years that you do – until all of your past due returns are filed

·      You’ll protect your social security benefits

·      You’ll avoid issues obtaining loans

What If You Can’t Afford to Pay?

If you haven’t filed because you know you owe taxes, there are several options available to you, including extensions, an installment agreement or even an offer in compromise.

What If You Still Don’t File?

If you choose not to file yourself, then the IRS may file a substitute return on your behalf. If they do, you will likely miss out on any deductions and exemptions you would otherwise have been entitled to.

If you received a notice from the IRS—a notice of deficiency CP3219N—you will have 90 days to file. If you still don’t file, the IRS will proceed with a tax assessment, or a substitute return.

Collections and Enforcement Actions

The return the IRS prepares for you will lead to a tax bill, which, if left unpaid, can lead to enforced collection actions such as liens, levies, wage garnishes, penalties or even criminal prosecution.

Help Filing Your Past Due Returns

The worst thing you can do is to not file your tax returns. Call us today at 877-254-4254 or visit us at http://www.irsallstar.com/our-services#16 to see how we can get you caught up with the least amount of hassle possible.


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