Issues for Non-Filers to Consider

By
Education & Training with Number Cruncher LLC

So, you haven't filed tax returns for quite a few years.  Below are items for you to consider.

1.  Yes, the IRS knows.  It is just a -matter of time before they contact you.

2.  The Failure-to-file penalty is 5% of the unpaid taxes for EACH month or part of a month that a tax return is late.  The penalty won't exceed 25% of your unpaid taxes. 

3.  The Failure-to-Pay penalty continues until the tax is paid in full, up to a maximum of 25% of your unpaid taxes.

4.  Interest is charged on penalties.

5.  The IRS may file a Substitute for Return for you.  This return may have you paying a higher tax than you should be.

6.  Penalties and interest will be assessed on tax figured on a Substitute for Return.

7.  You only need the last 6 years of returns filed to be considered current.   

If you or someone you know is behind filing tax returns or dealing with some other IRS problems, please contact me at 702-469-9426 or candy@numbercruncherllc.tax.

Comments (4)

Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Candace,

I am enjoying becoming more informed as a result of your posts.  Wishing you a great day of number crunching.  A

Sep 28, 2021 08:02 AM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

And if you do have challenges from not filing, one is wise to call CANDACE (Candy) STEVENS, EA 

Oct 03, 2021 09:22 PM
CANDACE (Candy) STEVENS, EA
Number Cruncher LLC - Overton, NV
Helping Taxpayers Resolve IRS problems

Ron and Alexandra Seigel, it makes me happy that my posts are educating you!

Have a Happy Day!

 

Oct 04, 2021 10:11 AM
CANDACE (Candy) STEVENS, EA
Number Cruncher LLC - Overton, NV
Helping Taxpayers Resolve IRS problems

Thank you Rocky Dickerson.

 

Oct 04, 2021 10:11 AM