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 nonfiled 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 deadline to file 2021 tax returns, here are six facts to keep in mind about the IRS:
- Generally, the IRS only requires you to file the most recent six years of returns, from 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 IRS can file your return for you and send you the bill. Usually, the tax will be greater than it would have been if you filed it yourself. Plus, if you don’t file a return, the statute of limitations never begins to run.
- If you are due a refund, you must file within three years of the return’s original due date, or the IRS can keep your money.
- Once again, the IRS is using software to find nonfilers. Enforcement labor shortages will dictate more of its usage in our foreseeable future.
- People in their 50s and 60s who haven’t filed their returns, or have tax liabilities for multiple years and haven’t contacted the IRS to arrange a repayment plan, often have tax liens placed on their home.
- The IRS can take up to 15% of your Social Security each month, and it’s possible that this attachment can extend beyond the statute of limitations.
If you’re worried about going it alone, a tax professional can help you navigate a confusing maze of laws, to protect your appeal rights after returns have been filed and assessed.
– CPA Denson Pepper is your neighbor, with 30-plus years of experience. He is an expert at helping people resolve their income tax problems. 678-797-5241.