Non-Filed Tax Returns
Did you know that unless exempted, whether you are recieving a refund or have a tax liability, you are legally required to file a tax return? It's true. But to be honest, I've never known the IRS to chase after people to provide a refund. But I have seen the mail clients bring me for failure to file when they have a tax liability.
This is not a situation to take lightly; Failure to File, (be it business or individual) means the statute of limitations has not started on any and all years in question and Failure to Pay for those same years carry with it some pretty hefty penalties and interest.
Let Cary Grove Tax & Accounting give you the peace of mind you deserve by helping you get into compliance with the law. Being proactive is almost always better financially for the taxpayer than being reactive (waiting for the IRS to contact you). If you don't file, the IRS will eventually create a filing for you based on the data they have on file. When this happens the taxpayer generally misses out on many of the deductions they are entitled too, especially if older records have been destroyed. Penalties and interest will acrue on an overestimated tax liability the taxpayer will find difficult to contest.
Before anything can be done to extract you from this predicament your filings must be current and correct. Refunds will help negate any balance due. Once a balance is defined we'll set a course of action to minimize the impact.