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:

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



Republicans consider paring tax breaks for rich, corporations
But stark differences remain among the “Big Six” negotiators over numerous details, including the total size of a tax package. In the Senate, two key Republican senators tentatively agreed Tuesday on the scope of tax cuts – which could total more than ...
Key Senators Reach Tentative Budget Deal on Taxes, Corker SaysBloomberg
8 Warnings To Congress On Business Tax ReformForbes
Senate Republicans weigh tax cuts, deficit expansionReuters
CNBC -Minneapolis Star Tribune -The Spokesman-Review
all 48 news articles »


Higher Taxes On The Rich Are Not Enough To Stop Inequality
This index measures inequality on pre-tax income on a scale from 0 to 1. If everyone's income was exactly the same, the Gini index would equal 0; if only one person had any income, the Gini index would equal 1. Each increase in the Gini index of 0.01 ...

Texans hit hard by Harvey could get socked again — with higher taxes
Debris is scattered around a home in Rockport, TX, Wednesday, Sept. 13, 2017. Rockport took a direct hit from Hurricane Harvey on Aug. 25. A new report from Moody's Investors Service warns of higher local government property tax and utility rates in ...

and more »


Best Buy CEO sees need to reform taxes and NAFTA; wants permanent solution for 'dreamers'
Best Buy CEO Hubert Joly participated in talks between retail CEOs and political leaders in Washington as they fought against a border adjustment tax. Joly told CNBC he remains "very much at the table" for future talks. He would like to see lower ...

and more »

Washington Post

The simple way to tell whether Trump's tax plan is for the 'little guy' or the 1 percent
Washington Post
America is about to find out just how much President Trump intends to help the “little guy.” In a matter of days, we're supposed to get details about his tax plan, which is shaping up to be the biggest overhaul of the nation's tax code since 1986. The ...
Popular homeowners, state and local tax breaks could get the
Trump is clinging to a tax-cut promise that almost no other Republican thinks will happenBusiness Insider
Doubts arise on whether corporate tax cut would boost growthHouston Chronicle
The Atlantic -The Hill -Newsweek -The Hill
all 441 news articles »


Last-Ditch Repeal Plan Would Keep Obamacare's Biggest Taxes
Senate Republican leaders' renewed Obamacare repeal-and-replace effort -- in the form of the bill authored by senators Lindsey Graham and Bill Cassidy -- maintains the largest tax hikes imposed by the 2010 law, using them to fund block grants to states.

and more »

Strike over new transport taxes brings Haiti to a halt | News | Al ...
Protesters, unhappy with a new budget approved earlier this month, take to the streets for a second week.

and more »

Crain's Detroit Business

Foreclosures for unpaid taxes on occupied homes in Detroit tumble
Crain's Detroit Business
Denise Tanks, a mother of two, was renting a home on Detroit's west side that was foreclosed upon after the landlord didn't pay the property taxes. She's now working with the United Community Housing Coalition to buy the home after the foreclosure is ...
Tax foreclosures of owner-occupied Detroit homes down 88 percent since
Detroit tax foreclosures fall 88% since 2015The Detroit News
Detroit tax foreclosures plummet over two yearsReuters
WDIV Detroit -Fox 2 Detroit
all 14 news articles »

Wall Street Journal (subscription)

Death and Taxes Plus Entitlement Growth
Wall Street Journal (subscription)
Death and Taxes Plus Entitlement Growth. I'm convinced entitlement reform won't happen until the can reaches the end of the road. Sept. 19, 2017 5:41 p.m. ET. Save Article. Sign In to Save Subscribe to WSJ. Link copied… Text Size. Small. Medium. Large.

and more »

Google News

home | site map
© 2006