Guilty of Procrastination
We all are guilty of it. Knowing we should be on top of things that have deadlines yet we wait until the last possible moment to do what we had weeks or months before the deadline to do. And in some cases, the deadline will pass, then all anxiety sets in. You fret and worry over what consequences you will have to answer to because you did not make the deadline.
What you need to keep in mind as a late filer, is that it is best you file late than not to file at all. As a non filer, you subject yourself to potential civil and criminal charges that leads to hefty penalties, interest and yes jail time. Yes, the IRS will press criminal charges against you for failing to file your tax return. That is for another time.
Request Your Refund by Filing
When you file your tax return and you are due a refund, the IRS will honor your refund granted you filed the return to claim your refund within the 3 year statutory period. That period time of filing is within the 3 years from the date the return was due, typically April 15th of the following year in question. So for example, tax year 2015, any unfiled tax return not filed by April 2019 deadline you will forfeit any claim of refund for that year and years prior. The other side of the equation is that if you owe for any of the unfiled tax years, you are still liable to not only pay the tax, but also the penalties and interest that have accrued over the months and years. What a standard.
Get Compliant
More importantly is that you are compliant by being current in all your tax return filings. When you are facing tax debt, the IRS will not consider your request for an installment agreement until you have file all required tax return within the previous 6 years. If you find yourself not filing your return for the current tax year on time, do not panic. A qualified tax professional is able to file your return and if you are due a refund, you will still receive it. This require you to file your return within 3 years of the date the return is due to be filed. Schedule an appointment with us today to file your past due return.
