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Not Filing Tax Returns - Failure to File
Some people out don’t seem to take the idea of taxation very seriously. Whether it’s an inability to pay the tax debt at the time of filing, attitude, deceptive nature of the belief that we are over-taxed, there will always be those who think they simply don’t have to pay and if they are caught, somehow they will get out of it. Due to the Wuhan virus (COVID-19) problem, tax season has been extended for 2019 tax filings. Because many taxpayers have been put out of work, many may be unable to pay this year's tax debt. It is important to file even if you can't pay. Don't worry about paying the tax debt.
Whatever your reason has been for not filing, filing those un-filed returns and unpaid back taxes should be your highest priority.
The IRS Finds Nonfilers
Whether you delay filing your tax return for a year or two, or many years, it’s not worth it. Believe it or not – twenty (20) million people or more fail to file their tax returns each year! That’s incredible – who would have thought that, right? If you are a “nonfiler”, in addition to having to pay back taxes, you could be looking at criminal and civil penalties. Once again, due to the Wuhan virus (COVID-19) lock-down, 25 million have lost their jobs. Don't fall into the trap of not filing a tax return because you can't pay the taxes due. Be sure to file the return regardless.
One thing that’s very real is that the IRS is becoming very good at finding non-filers. So while the IRS may not have found you yet, if you have an unfiled tax return then sooner or later they will and they will want their unpaid back taxes. The agency will utilize what’s called “Substitute for Return” (SFR) procedures in this case. Failure to file or tax evasion can be very serious if not dealt with. It’s wise to handle these situations head-on.
If you are being pursued these types of tax issues, you’ll probably get a call from the IRS Criminal Investigation Division. You need to know that they routinely make an example of a few people so the rest of the taxpaying public will take notice. Essentially they are trying to communicate “don’t do this – if you do, your life could be destroyed.” They are very successful in their efforts, but you do not have to get to this point. Going by the past financial crisis, many people may have had early withdrawals from their 401K's and IRS's. This will create a large tax debt because, most often, a taxpayer is never able to put the money back before the penalties kick in. There may be a way out. The way out could be an
.WHAT CAN BE ACCOMPLISHED IF YOU OWE A TAX DEBT,
ESPECIALLY THIS YEAR AND NEXT.
Because many of you are out of work, your finances will be in disarray. You may be behind on your rent, mortgage, car payments, utilities, etc. You may end up with financial hardship. This is when a tax settlement through an Offer in Compromise comes to your aid.
Remember this: the IRS wants to accomplish two (2) things. One is to collect money. The other is to close a file. An Offer in Compromise accomplishes both. You do need to have your tax returns filed. If you qualify, there is no downside.
The tax lawyers at Flat Fee Tax Service have provided valuable tax debt help at a very affordable fee for more than a decade. Our teams are located in San Diego, California, and Clearwater, Florida. Free no-obligation consultations will take 20 to 30 minutes of your time. This could be the best 30 minutes you have ever spent.