Relief for the Late Tax Filer
Has it been awhile since you filed a tax return? Feeling guilty? Scared? Sleepless nights? Don’t know what to do? Do you even need to file?Many people become non-filers each year for a number of reasons. They lose the paperwork, they couldn’t pay, or they forgot about it. Sometimes illness, family crisis or depression plays a role. The list goes on and on. If you are a late tax filer, don’t procrastinate any longer. You may be hoping the IRS has forgotten about you, but that rarely happens. In truth, the longer you wait, the more costly it will be if you owe money. And if you are due a refund, the statute of limitations on that refund expires three years from the date the return should have been filed. Don’t risk losing your money.It’s not uncommon to feel overwhelmed when you have late tax returns, but don’t despair. Lost paperwork can be reconstructed. If you owe or have a late tax return, it’s better to file and negotiate an installment agreement because this will stop the late filing penalties although interest will continue until the tax bill is paid. Sometimes, penalties can be abated if the circumstances are serious, such as family crisis, illness or other catastrophic situations.Contact us to help you get the monkey off your back with your late tax returns. Tax Samaritan and their team of enrolled agents focus exclusively on taxation. An enrolled agent (EA) is licensed by the Treasury Department to represent clients who have problems with late tax filing and with the IRS. EAs must pass a rigorous three-part exam to act on a client’s behalf and can help to get taxes filed, negotiate an installment agreement for those who can’t pay in full or, possibly, negotiate an offer in compromise to reduce taxes, penalties and interest. Don’t wait for the IRS to come looking for you; it’s far better to voluntarily come forward.Every U.S. citizen and resident is required to pay his or her fair share of taxes. No more, no less. The IRS has a matching program whereby all 1099s, W-2s, etc., are entered in their computers. With the advent of FACTA, the IRS will soon have additional information from foreign financial accounts on U.S. citizens to plug into their computers. They match this information with the tax returns that have been filed to ensure that all income has been reported and that everyone who is legally required to do so has filed a late tax return. So, if you haven’t filed for whatever reason, get moving before the IRS comes looking for you!
Randall Brody is an enrolled agent, licensed by the US Department of the Treasury to represent taxpayers before the IRS for audits, collections and appeals. To attain the enrolled agent designation, candidates must demonstrate expertise in taxation, fulfill continuing education credits and adhere to a stringent code of ethics. Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.Tax Samaritan is a team of Enrolled Agents with over 25 years of experience focusing on U.S. taxation.