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:

Washington Post

Facebook could owe $5 billion in back taxes
Washington Post
Facebook is digging in over its fight with the Internal Revenue Service. The social network said this week that it faces a potential $5 billion tax bill after moving some of its assets to Ireland. The company's tussle with tax authorities dates back to ...
Facebook May Owe $5 Billion in Federal TaxesFortune
Facebook could owe $5 billion in taxesCNNMoney
Facebook May Owe Billions More in Taxes - WSJWall Street Journal
Daily Caller -Forbes -Fox News -Securities and Exchange Commission
all 51 news articles »


Tampabay.com

How U.S. Senate candidate Carlos Beruff avoided $235000 in taxes last year
Tampabay.com
While the wealthy land developer has never worked a plow or chopped trees himself, he has been able to shield nearly 2,000 acres of future development land from taxes by claiming an exemption created a half-century ago for Florida's farming communities.

and more »


Quartz

Who pays the highest taxes in Europe? — Quartz
Quartz
For five consecutive years, Belgians have paid the highest amount of taxes in the European Union (EU). But after reducing the real tax rate last year, Belgium ...

and more »


Sun Sentinel

Oakland Park budget includes $1 million more in property taxes
Sun Sentinel
Oakland Park property owners will pay more city taxes this year because of rising property values, even though city commissioners plan a slight decrease in the property tax rate. The proposed tax rate of $6.16 for every $1,000 of taxable value means ...

and more »


Siedlecki Says Taxes Have Gone Up For Many
The Chattanoogan
He said, "My opponent Commissioner Marty Haynes continues to lie to Hamilton County voters about our property taxes. His false claims that he hasn't raised taxes on anyone continue to fall on deaf ears. He's hoping you won't listen to the facts and ...

and more »


Wall Street Journal (blog)

Fact-Checking Hillary Clinton's Comments on Trade, Immigration, Taxes, More
Wall Street Journal (blog)
This proposal sounds superficially similar to Mr. Trump's proposals to impose taxes on companies that outsource jobs. But they're different. Mrs. Clinton was referring to a proposal she released earlier this year, which would take back past U.S. tax ...
Hillary Clinton's bad tax planWashington Times
Opinion: Why it's in Donald Trump's favor to release his tax returnsMarketWatch
6 theories for why Donald Trump won't release his tax returnsWashington Post
CBS News -Politico -ThinkProgress
all 23,543 news articles »


Americans for Tax Reform (blog)

Full List of Hillary's Planned Tax Hikes | Americans for Tax Reform
Americans for Tax Reform (blog)
Hillary Clinton has made clear she intends to dramatically raise taxes on the American people if elected. She has proposed an income tax increase, a business ...

and more »


Chicago Tribune

Chicago budget shortfall smallest in decade, but more tax pain likely
Chicago Tribune
The city of Chicago's budget shortfall next year is expected to be the smallest in a decade, but the estimate doesn't account for billions of dollars owed to the city's largest pension fund — a debt expected to trigger another significant tax increase ...

and more »


MLive.com

Unprecedented $70M donation to cut Kalamazoo property taxes by ...
MLive.com
KALAMAZOO, MI – The city of Kalamazoo will be getting $70 million from unnamed private sources to fix its budget problem and fund for millions a year on ...
Anonymous donation to help cut Kalamazoo property taxesWWMT-TV

all 20 news articles »


Crain's Chicago Business

Property taxes jump, and jaws drop
Crain's Chicago Business
The property tax bill on Jeff and Roberta Price's Lincoln Park home was about $400 in 1977, the first year they lived there. It's been going up ever since, but rarely with the jolt of this year's 63 percent increase. The increase, from $8,652 to $14 ...


Google News

home | site map
© 2006