Bandura CPA, LLC

Bandura CPA, LLC

Certified Public Accountant

Back to Article List

What can be done about your Unfiled Returns?

Every day the massive computer center at the IRS is getting more sophisticated, it’s just a matter of time before they catch up with you. Of course, if the IRS computer has not found you yet, the State may discover the missing returns. They will start to pursue you and then inform the IRS as well.

This is not a situation to take lightly; failing to file your tax returns is a criminal offense. If you do not file, you can be prosecuted and punished, possibly with jail time. The guidelines are one year for each year not filed. Why risk potentially losing your freedom for failing to file your tax returns!

Let us give you peace of mind by helping you get into compliance with the filing requirements. If you voluntarily file your delinquent returns, you’ll likely avoid further problems other than having to pay the interest and penalties.

If you wait for the IRS or State to file your returns for you, they will be prepared in the best interest of the government. IRS will not include exemptions, deductions, or credits that could reduce the tax amount.

Before anything can be done to extract you from this predicament, all the returns must be filed. You must be current. In most cases, you will likely owe taxes, interest, and penalties after the returns are filed. Once we see how much is owed, we’ll design a plan of action to resolve that too.

Generally, we can prepare and file delinquent returns avoiding exposure to such harsh penalties. In some cases, the IRS has prepared a return for you and assessed the tax based on that return. These IRS-prepared returns will all the income items IRS knows about, will not include deductions, exemptions, or credits you are entitled to claim. Therefore, the tax assessed based on the IRS-prepared return will generally be higher than the amount we determine considering appropriate deductions, exemptions, and credits.

We will assist you in filing the return with the lower liability and having your IRS record amended. If there is a balance due after correcting the IRS records, we will represent you before the IRS to resolve that in the least intrusive manner available.

Every day the massive computer center at the IRS is getting more sophisticated, it’s just a matter of time before they catch up with you. Of course, if the IRS computer has not found you yet, the State may discover the missing returns. They will start to pursue you and then inform the IRS as well.

This is not a situation to take lightly; failing to file your tax returns is a criminal offense. If you do not file, you can be prosecuted and punished, possibly with jail time. The guidelines are one year for each year not filed. Why risk potentially losing your freedom for failing to file your tax returns!

Let us give you peace of mind by helping you get into compliance with the filing requirements. If you voluntarily file your delinquent returns, you’ll likely avoid further problems other than having to pay the interest and penalties.

If you wait for the IRS or State to file your returns for you, they will be prepared in the best interest of the government. IRS will not include exemptions, deductions, or credits that could reduce the tax amount.

Before anything can be done to extract you from this predicament, all the returns must be filed. You must be current. In most cases, you will likely owe taxes, interest, and penalties after the returns are filed. Once we see how much is owed, we’ll design a plan of action to resolve that too.

Generally, we can prepare and file delinquent returns avoiding exposure to such harsh penalties. In some cases, the IRS has prepared a return for you and assessed the tax based on that return. These IRS-prepared returns will all the income items IRS knows about, will not include deductions, exemptions, or credits you are entitled to claim. Therefore, the tax assessed based on the IRS-prepared return will generally be higher than the amount we determine considering appropriate deductions, exemptions, and credits.

We will assist you in filing the return with the lower liability and having your IRS record amended. If there is a balance due after correcting the IRS records, we will represent you before the IRS to resolve that in the least intrusive manner available.

Back to Article List