Unfiled tax returns are the serious issue in the point of IRS (Internal Revenue Service). Internal Revenue Service is responsible for collecting taxes.
2. What is Unfiled Tax Returns
Unfiled tax returns are the serious issue in the point of
IRS (Internal Revenue Service). Internal Revenue Service
is responsible for collecting taxes.
IRS will not stop the collection process, until all unfiled tax
returns are filled and all due taxes are paid.
If you continue failing to file taxes, then IRS will levy your
wages. The best way to relief from the returns are to first
file the taxes which are unfiled.
3.
4. Substitute For Return
If you failed to file returns before the IRS does, they will
file a substitute for return for you.
Substitute for return (SFR) is calculated based on the IRS
guess on your income, then you will have penalties and
fines on your tax bill.
If SFR is filed on us, we cannot get any deductions on an
SFR, so it is better to file your taxes before IRS file you
SFR for your taxes.
5. Not Filing Your Tax Returns
Are Crime
Not filing your tax returns are a crime.
Unfiled tax returns miami have a criminal consequence as
well.
It is sure that IRS will punished you legally, if you fail to
file. IRS will not accept, if you claiming your inability to pay
tax bill. They will put fine or penalties on your bill, if you fail
to file your returns.
6.
7. Non-filer Cases
IRS finds that nearly 10 million taxpayers fail to file their
tax returns every year, which results in large amount of
back taxes and fees.
IRS has improved and advanced enough computer and
softwares to find the tax payers, who are in non filer case.
They are considering these issue with high priorities. If
you have not file the taxes, and IRS has not discovered
yours yet, then it is the right time for you to act.
First file all your taxes and try to escape from SFR. If you
do not the step right now, then they will knock your door in
the near future.
8. Information Reporting System
Information Reporting System is a multi task system that
contains a subsystem, which aims at the discovery of
under reporting of income and tax payers who have not
filed the required tax returns.
This subsystem is the backbone of IRS effort to identify
and locate non filers.
So, try to file all your taxes before IRS seize you.
For more information Please visit us at:
http://www.keytaxgroup.com/
Contact us at: info@keytaxgroup.com