Do you or your company need to catch up on the required filing of income tax returns to the U.S. Treasury or the Georgia Department of Revenue?
For peace of mind, reach out to a trusted tax professional, specializing in unfiled returns. If you have a tax liability, a tax professional can represent you to tax authorities and negotiate the best available settlement.
As we approach the extended deadline to file 2021 income tax returns, here are three facts to keep in mind about unfiled returns:
- Generally, the IRS only requires you to file the most recent six years of returns, 2016 to 2021 this year.
- The IRS will not consider a repayment plan for prior years’ taxes unless all required returns have been filed.
- The collection statute of limitations does not begin until a return is filed and assessed.
Don’t ignore unfiled taxes.
The IRS can file your return for you and send you the bill. Usually, the tax will be greater than it would have been had you filed it yourself.
If you are due a refund, you must file within three years of the original return’s due date, or the IRS can keep your money.
Technology helps find nonfilers.
Once again, the IRS is using software to find nonfilers. Enforcement labor shortages will dictate more of its usage in the foreseeable future.
The IRS shut down much of its collection arm again early this year. For the rest of this year, a dramatic return to collection enforcement and many mailed tax notices are expected.
Don’t go it alone.
If you’re worried about going it alone, a tax professional can help you navigate a confusing maze of laws and protect your appeal rights after returns have been filed and assessed.
– CPA Denson Pepper is your neighbor, with 30-plus years of IRS experience. He is an expert at helping people resolve their income tax problems. 678-797-5241.