Taxes Information

I Havent Filed a Tax Return with IRS in Years, What Do I Do?


In elementary school, kids come up with creative excuses why they did not bring in their homework. "My dog ate it" or "It was stolen by invisible space aliens" might be given as a reason why something was not turned in on time. Don't try those excuses with the IRS! Don't blame divorce, business failures, or family troubles either, because except under extreme circumstances, they won't register with the taxman.

If you have unfiled tax returns, you need to file at least the last 6-7 years. Although under law IRS could make you go back and file that return from the late 1970's when you were a disco diva or urban cowboy, the good news is that as a matter of policy they don't! In most cases, filing the last 6-7 years will be OK and IRS will consider you in compliance. So don't procrastinate any further, file the returns if you made over the standard deduction and personal exemption amounts during those years or were self-employed.

People delay filing returns for 3 main reasons:

1. They are afraid or embarrassed;

2. They have lost the records or don't know where to go to get the returns done; or

3. Some crackpot advised them income taxes are bogus and that they don't have to file.

Don't be afraid of filing, be afraid of what will happen if you don't file. IRS could file for you and you might owe more than if you would have done it yourself or IRS could send somebody out looking for you. It is not a crime to owe IRS money, it can be a crime under some circumstances for not filing a tax return or a false return.

If you lost your records relax, in most case you can get all your income data from IRS so that you can prepare the tax returns. If you had deductions, you may have to dig those up and organize your records.

IRS is a legitimate government agency and they can and do enforce the laws on filing a Federal Tax Return. It sounds good when somebody says IRS is a fraud, but it is a lie. We all have to pay taxes.

If you havent't filed in years you can call the IRS at 1-800-829-1040 and after lots of time on hold and maybe a few transfers, you will eventually get somebody who can help you get your W2 info mailed to you. Your local library may have old tax forms and tax books to help you do the returns. You can do it yourself, but I suggest getting a professional to help you.

Don't go to some guy or gal advertising on TV with a big company. Go to a professional person or small firm where you can talk one on one with a CPA, Enrolled Agent, or Tax Attorney. It doesn't have to be a local person, you could hire someone across the country. With email, fax, etc. you can avoid some embarassment of going to a local tax pro if you live in a small town by hiring someone far away. But don't hire somebody without checking them out. Read any contract they send you. Don't part with your hard earned money unless you are sure of their qualifications.

Members of the following organizations must adhere to high ethical standards and might be a good choice for you: National Society of Accountants (NSA); National Association of Enrolled Agents (NAEA); or the American Insitute of Certified Public Accountants (AICPA). You might also look for professionals holding the Accredited Tax Preparer (ATP) or Accredited Tax Advisor (ATA) designation.

Don't let your cousin Jimmy do your returns or that nice neighbor who says he is an expert. I have seen more screwed up returns done by friends and relatives than I care to remember.

Get peace of mind, file those returns. You may owe money but you may have a refund waiting. Guess what, if you file the return more than three years after the due date; you lose the refund!

Here are some sites that can give you more info:

www.irs.gov
www.naea.org
www.nsacct.org
www.exirsman.com

James Robert Coleman, E.A., A.T.A.
Enrolled Agent & Accredited Tax Advisor
Member: National Association of Enrolled Agents
Former IRS Revenue Officer, GS-11
http://www.exirsman.com


MORE RESOURCES:
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news


National Review

Japan's 'Lost Generation' of Economic Growth: Blame High Taxes
National Review
Tokyo — Following the House's passage of a tax-reform bill, critics have denounced it as being everything from “selfish” to “destructive.” But if they're honest, most of those critics will admit they want to expand government and increase taxes, a ...

and more »


Washington Post

Democrats see backlash over Republicans' tax bill as a key to ...
Washington Post
HOLLIS, N.H. — For decades, the battle lines in New England's most politically conservative state were clear. Republicans ran on tax cuts. Democrats ran on ...

and more »


Los Angeles Times

House Republicans celebrated after punishing Californians and the poor with their tax bill
Los Angeles Times
To the editor: The photo you ran in the paper of the celebrating House members and a quote in the article by Sen. Dianne Feinstein say it all. (“House passes its tax reform plan as Senate version comes under new attack,” Nov. 16). Having passed a ...

and more »


Los Angeles Times

A middle-class tax cut? Hardly. - LA Times
Los Angeles Times
President Trump and his Republicans are still trying to sell their tax bill as a “middle class tax cut.” The middle class isn't buying it—but that won't stop Congress ...
How the Trump Tax Cuts Would Reshape (and/or Break) Our EconomyNew York Magazine
The House just passed its big tax bill. Here's what is in it.Washington Post
Trump open to dropping healthcare provision in Senate tax bill: aideReuters
Chicago Tribune -New York Times -ABC News
all 4,791 news articles »



Wall Street Journal

Steven Mnuchin Talks Taxes and Trade
Wall Street Journal
It's a time of tremendous confidence in the U.S. economy and stock market. But there are large question marks about the immediate and long-term prospects—from proposed tax changes to the fate of trade deals. To put those matters in perspective, Wall ...

and more »


Wall Street Journal

Vice President Pence on Taxes and Trade
Wall Street Journal
The Trump administration is one of the most pro-business in recent memory. What do its agendas mean for companies? Vice President Mike Pence spoke on the state of the nation, and then discussed a range of issues with The Wall Street Journal's executive ...

and more »


Dothan Eagle

Tax break proposed for Nypro property project
Dothan Eagle
While the abatement would cost the city about $55,000 over a 20-year period in taxes waived, the building is expected to generate $40,000 in sales and use taxes related to construction of the building, Parker said. Additionally, the increase in ...



Vanity Fair

“It's a Ponzi Scheme”: Wall Street Fears Trump's Deranged Tax Plan Could Kick Off Economic Euthanasia
Vanity Fair
“It's a Ponzi scheme,” a Wall Street executive told me, dismissing the idea that a multi-trillion dollar tax cut for multinational corporations would trickle down throughout the economy and also pay for itself. It's a view that's widely shared among ...



How Cutting Taxes Makes Life Worse for the Rich
New York Times
The Republican effort to cut federal taxes is still underway, and many crucial details are still unsettled. But little doubt remains that the effort has been heavily shaped by wealthy donors. As Chris Collins, a Republican representative from New York ...


Google News

home | site map
© 2006