This is going to sound like an advertisement for Ripley’s Believe It Or Not but it’s actually a real thing! Sometimes taxpayers forget to file their taxes. If this has happened to you then the best thing you can do is to correct the problem as soon as feasibly possible to prevent the build up of penalties and interest. A tax professional can help greatly with this.
A problem for some people is that they do not have their W-2s or 1099s for the unfiled years. This can cause problems if not addressed correctly due to the fact that when tax returns are filed with the IRS they go through a “matching” process where they match the income listed on the tax return to the income contained in the IRS records. Where I work, our approach is to retrieve this information directly from the IRS and use their income information to prepare the returns. This ensures accuracy.
The benefit to working with a tax professional to resolve an outstanding issue of this sort is that first of all it will get you compliant with the IRS which means it eliminates the chance of you going to jail! Currently there are quite a few taxpayers who have not filed their returns. If you are one of them I would like to highly encourage you to take action and get this situation resolved immediately! You will not regret it!
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3 comments:
hey, nice blog and good submit, simply an recommendation, make it more personal, it's at all times more fascinating!
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Great post. I was looking up IRS tax help when I came across this post. I am glad I did because I have always wondered what would happen if you didn't file your taxes. Thanks so much for sharing Jeff.
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