Not filing your tax returns for years at a time can lead to serious consequences. It is not advisable to ignore your annual tax filing because the IRS will almost always catch up with you.
What happens when you do not file your tax return:
Our Chicago tax firm has developed an effective process to stop this from happening even if you have unfiled tax returns today.
Every year, most citizens and US residents are required to file their personal tax returns with the IRS. Sometimes this includes a payment of any taxes that are owed. When you do not file your taxes, you become exposed to IRS enforced collection measures.
When you have unfiled tax returns, there are four things to keep in mind:
A Substitute for Return (SFR) is filed when the IRS prepares a tax return on your behalf because you have not filed. Because the IRS often does not have all of the pertinent information, SFRs can reflect the highest tax liability and the IRS then will hold you responsible for this amount plus any unfiled tax return penalties and fees.
It is possible to correct an SFR, however, by consulting with the professionals at our Chicago tax resolution firm. When necessary or advantageous, we can prepare previous years’ returns and file them on your behalf. This will bring you into compliance with the IRS filing requirements and will often significantly lower or even eliminate your tax liability.
By working with our Chicago tax resolution firm, you can manage any problems that unfiled tax returns may have caused. We have served 15,000 customers, saving them 19 million dollars over the span of fifteen years. We know how stressful working with the IRS can be and we can handle it for you.