What to Do if You Haven't Filed Your Tax Return
You may not have filed your federal income tax return for this year or previous years. Regardless of your reason for not filing a required return, Farris & Furlan LLC can help you.
If you are required to file a return, but you cannot pay all of the tax due on your return, you may be able to establish a payment agreement with the IRS.
If your return was not filed by the due date (including extensions of time to file), you may be subject to the failure to file penalty, unless you have reasonable cause for your failure to file timely. If you did not pay your tax in full by the original due date of the return (regardless of extensions of time to file), you may also be subject to the failure to pay penalty, unless you have reasonable cause for your failure to pay timely, or the IRS has approved your application for extension of time for payment of the tax due to undue hardship. Additionally, interest is charged on taxes not paid by the due date, even if you have an extension of time to file. Interest is also charged on penalties.
There is no penalty for failure to file if you are due a refund. But, if you wait to file a return or otherwise claim a refund, you risk losing a refund altogether. An original return claiming a refund must be filed within 3 years of its due date for a refund to be allowed in most instances.
After the expiration of the three-year window, the refund statute prevents the issuance of a refund check and the application of any credits, including over payments of estimated or withholding taxes, to other tax years that are underpaid. However, the statute of limitations for the IRS to assess and collect any outstanding balances does not start until a return has been filed. In other words, there is no statute of limitations for assessing and collecting the tax if no return has been filed.
We are always compassionate to your circumstances regardless of any reason you did not file. Most importantly our goal is to build a relationship with you over the years so that we can best help you with all the tax related changes that will occur in your life.
To prepare your return call and make an appointment.
Come and see us down by the Lake!