Unfiled Tax Returns

Unfiled tax returns can be a significant issue with the IRS. As a Certified Public Accountant specializing in IRS tax resolution, I want to help you understand the implications and steps to rectify this situation.

1. Potential Penalties and Interest: The first thing to know is that not filing your tax returns can result in penalties and accumulating interest. The longer you wait, the more you may owe.

2. Substitute for Return (SFR): If you don't file your tax returns, the IRS may file a Substitute for Return (SFR) on your behalf. An SFR usually does not include any deductions or credits you might be eligible for, often leading to a higher tax bill than if you filed yourself.

3. Impact on Refunds: If you are owed a refund, not filing a return can mean missing out on it. There's a three-year window from the due date of the return to claim any refund due.

4. Legal Consequences: In some cases, failing to file tax returns can lead to legal consequences, including fines or even imprisonment.

5. Resolution Steps: As your CPA, I can help you file your unfiled returns, negotiate with the IRS on your behalf, and explore options like payment plans or an Offer in Compromise if you owe taxes.

6. Peace of Mind: Getting back into compliance brings peace of mind and helps avoid further complications with the IRS. Every situation is unique, and as a professional in this field, I'll work with you to understand your specific circumstances and find the best path forward.

Every situation is unique, and as a professional in this field, I'll work with you to understand your specific circumstances and find the best path forward.