Issues for Non-Filers to Consider

Issues for Non-Filers to Consider

So, you haven't filed tax returns for quite a few years.?Below are items for you to consider.

1.?Yes, the IRS knows.?It is just a -matter of time before they contact you.

2.?The Failure-to-file penalty is 5% of the unpaid taxes for EACH month or part of a month that a tax return is late.?The penalty won't exceed 25% of your unpaid taxes.?

3.?The Failure-to-Pay penalty continues until the tax is paid in full, up to a maximum of 25% of your unpaid taxes.

4.?Interest is charged on penalties.

5.?The IRS may file a Substitute for Return for you.?This return may have you paying a higher tax than you should be.

6.?Penalties and interest will be assessed on tax figured on a Substitute for Return.

7.?You only need the last 6 years of returns filed to be considered current.??

If you or someone you know is behind filing tax returns or dealing with some other IRS problems, please contact me at 702-469-9426 or [email protected].

Click here to access Number Cruncher LLC's WebSite.

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