Over millions of taxpayers have there tax returns filed by the IRS. Under 6020B of the IRC, the IRS has the right to file both individual and business tax returns. When IRS files your tax return they will NOT be doing you a favor. IRS will use the highest amount possible in calculating your tax return.
By law the IRS may file a substitute return for you if you do not voluntarily file. A series of letters is first sent explaining the possible action IRS may take as part of the Substitute for Return Program.
If a substitute return has already been filed for you by the IRS, you should still file your own return to claim any additional items. The IRS will generally adjust your account to reflect the corrected figures.
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Fresh Start Tax LLC can represent you before the IRS and file original tax returns and reduce your liability as well as work out a tax settlement.
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Some of the consequences of not filing your tax return
Failure to file penalty.
If you owe taxes, a delay in filing may result in a “failure to file” penalty, also known as the late filing penalty, and interest charges.
The longer you delay the filing, the larger these penalties grow. It may result in penalty and interest charges that could increase your tax bill by 25 percent plus statutory interest.
Many taxpayers will lose a tax refund.
There is no penalty for failure to file if you are due a refund. However, you cannot obtain a refund without filing a tax return. If you wait too long to file, you may risk losing the refund altogether.
In cases where a return is not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund.
Earned Income Tax Credit – 3 year period.
Individuals who are entitled to the Earned Income Tax Credit must file their return to claim the credit even if they are not otherwise required to file. The return must be filed within three years of the due date in order to receive the credit.
Statutes of limitation.
After the expiration of the refund statute, not only does the law prevent the issuance of a refund check, it also prevents the application of any credits, including overpayment of estimated or withholding taxes, to other tax years that are underpaid.
On the other hand, the statute of limitations for IRS to assess and collect any outstanding balances does not start until a return has been filed.In other words, there is no statute of limitations for assessing and collecting the tax if no return has been filed.
It is imperative you address this situation because the IRS will follow up the assessment with Notices of Federal Tax Levy’s and Notices of Federal Tax Lien.
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