Unfiled Tax Returns
As we all know, there are only two certainties in life -- death and taxes. Why? Supreme Court Justice Oliver Wendell Holmes put it well, “Taxes are what we pay for a civilized society.” Still, for some, paying taxes can feel more like a burden than a duty. While most Americans do manage to make the April 15 th deadline each year, some may find themselves struggling to make the deadline for a number of reasons – especially if they owe the IRS and they are no position to pay. Other reasons for not filing a tax return can be emotional, confusion or even blatant procrastination, but whatever the case may be, understand that not filing can only cause more problems for you.
If you haven’t filed your income tax return by the due date, don’t panic. There are several options available to you to help you avoid the numerous problems, penalties and interest associated with filing late or not at all. If you cannot file your return by the April 15 th deadline, you may qualify for an extension to file. The extension does not, however, give you an extension to pay your tax liability. You may apply for an automatic 6-month extension of time to file by filing Form 4868 -- the “Application for Automatic Extension of Time To File U.S. Income Tax Return.”
In some cases, the IRS will file a substitute return on behalf of the taxpayer. These returns do not typically include exemptions or expenses a person may be entitled to. If this happens, it’s best to file your return as soon as possible after you discover that a return was filed on your behalf. Keep in mind that if you are entitled to a refund, you have only three years to claim it. After the three-year period expires, the money becomes the property of the United States Treasury Department.
If you are in a situation where you haven’t filed a tax return for several years or so, again, don’t panic. But do keep in mind that the IRS will eventually contact you, even if it’s several years down the line. The best thing you can do for yourself is to contact a tax professional, an attorney or the IRS for assistance at 800-829-1040 (Individuals) and 800-829-4933 (Businesses). The IRS can discuss options, including payment plans, and also provide the necessary information needed to file your delinquent returns.
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