Filing Late IRS Tax Returns
A frequent response from taxpayers who cannot afford the potential tax liability that will be created by submitting their tax returns is to become non-filers (stop filing, since they cannot afford the payments anyway). Our Supervising Tax Attorney believes that it is almost always in the best interest of the consumer to file, regardless of ability to pay. While the potential for criminal prosecution for failing to file a tax return is very small, the economic consequences are severe – there is a maximum 25% late filing penalty that can be applied to the tax. Combined with accruing interest, this late filing penalty can add up to almost 50% of the original liability in many cases.
Many of our clients have not filed properly for a year, some for over a decade. Our Tax Specialists will work with you to prepare and file historic returns, even if you no longer have the original records from the filing years.
If you need assistance filing late tax returns, contact us to review your options: 1-800-455-6829.