What The IRS Instructs You To Do If You Have NOT Filed Your Taxes - John R. Dundon II, Enrolled Agent
post-template-default,single,single-post,postid-8281,single-format-standard,bridge-core-3.0.1,qodef-qi--no-touch,qi-addons-for-elementor-1.5.3,qode-page-transition-enabled,ajax_fade,page_not_loaded,,qode_grid_1300,footer_responsive_adv,qode-content-sidebar-responsive,qode-theme-ver-28.7,qode-theme-bridge,qode_header_in_grid,wpb-js-composer js-comp-ver-6.9.0,vc_responsive,elementor-default,elementor-kit-269

What The IRS Instructs You To Do If You Have NOT Filed Your Taxes

What The IRS Instructs You To Do If You Have NOT Filed Your Taxes

Basically the simple answer is file your tax forms with both the US Federal government and applicable state governments.  Start by filing the previous 3 years of income tax returns ASAP.

It is possible the IRS may have already filed returns for you. Under Section 6020(b) of the Internal Revenue Code, the IRS may file a Substitute for Return when you do not file a return on your own. These types of returns are prepared at the highest tax rate. You may be eligible for a lower rate if you have dependents or itemized deductions to claim, are eligible for the Earned Income Tax Credit, etc.

The only way to get the maximum benefit is to file a return. To receive credit for your future Social Security benefits from self-employment income, you must ensure that income is filed with the IRS. You only have three years to file and claim a refund of overpaid withholding. If you are due refunds, filing the returns will close your case. Under current law, refunds more than three years old are lost and cannot be applied to other tax due. Penalties and
interest may apply if you owe taxes.

The failure to file penalty is a maximum of 25 percent of the tax due on each return. Penalties and interest can drastically exceed the tax due on returns more than three years old.

Paying your tax debt – Online Payment Agreements are available should you find that you owe. In addition, you can also make an Offer in Compromise. However, you should be aware that all legally required tax returns must be filed in order to be eligible for an OIC.

Note: Refunds less than three years old will be applied to any amounts still owed to the IRS and may be used to satisfy unpaid child support or past due federal debts, such as student loans