by Michael Lodge
The answer is simple. Call a tax practitioner and get your taxes filed, for 2015 and prior years if you have not done so. The faster you file – the less trouble you will be in.
You may not have filed your federal income tax return for this year or previous years. Regardless of your reason for not filing a required return, file your tax return as soon as possible. If you need help, call our office at: 877.778.1770. Visit IRS.gov. They have many tools and resources available, such as the Interactive Tax Assistant (ITA), FAQs, and Tax Trails. The best bet is to call our office and set up an appointment to get your taxes done.
If you are not sure you are required to file a return, visit Do I Need to File a Tax Return or refer to Publication 17, Your Federal Income Tax for Individuals. If you are required to file a return, but you cannot pay all of the tax due on your return, the IRS may be able to help you establish a payment agreement. For additional information contact one of our tax practitioners in our office or write to: email@example.com
- If your return was not filed by the due date (including extensions of time to file), you may be subject to the failure to file penalty, unless you have reasonable cause for your failure to file timely. If you did not pay your tax in full by the original due date of the return (regardless of extensions of time to file), you may also be subject to the failure to pay penalty, unless you have reasonable cause for your failure to pay timely, or the IRS has approved your application for extension of time for payment of the tax due to undue hardship (refer to Form 1127 (PDF), Application for Extension of Time for Payment of Tax Due to Undue Hardship). Additionally, interest is charged on taxes not paid by the due date, even if you have an extension of time to file. Interest is also charged on penalties.
- If you have filed an extension and you owe, that does not stop the penalties and interest from being accumulated. If you have a refund coming to you then you should be ok, unless there are issues from prior years.
- There is no penalty for failure to file if you are due a refund. But, if you wait to file a return or otherwise claim a refund, you risk losing a refund altogether. An original return claiming a refund must be filed within 3 years of its due date for a refund to be allowed in most instances.
- After the expiration of the three-year window, the refund statute prevents the issuance of a refund check and the application of any credits, including overpayments of estimated or withholding taxes, to other tax years that are underpaid. However, the statute of limitations for the IRS to assess and collect any outstanding balances does not start until a return has been filed. In other words, there is no statute of limitations for assessing and collecting the tax if no return has been filed.
The priority is for you to get your tax returns filed as soon as possible – do not delay it – don’t forget about it – get it done and filed.
For answers to your tax questions, information about payment arrangements, or any other tax-related inquiries, contact our office at: 877.778.1770 or send us an email at: firstname.lastname@example.org