are what are the penalties if any?
2006-12-12 04:40:23 · 7 answers · asked by AKA 2 in Business & Finance ➔ Taxes ➔ United States
You need to file ASAP. There are only penalties if you owe money. Not if they owe you. Also, you only have 3 years in order to claim and receive a refund. Otherwise, the IRS gets to keep your money.
2006-12-15 02:21:37 · answer #1 · answered by D.M. C 2 · 0⤊ 0⤋
Yes you can still file, you should be aware that there will be a penalty for failure to file for those years and if money is owed there will be interest to be paid on the money owed. You should file as soon as possible to stop the interest, as it is compounded quarterly. A payment schedule may be set up if taxes are owed.
2006-12-12 12:52:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
From the feds, there are not any penalties if you have a refund coming. I have heard that some states may charge a penalty even if you have a refund coming.
I would file ASAP before people get going on their 2006 returns.
2006-12-12 13:00:52 · answer #3 · answered by Wayne Z 7 · 1⤊ 0⤋
Yes, and do it ASAP...there are penalties and if you owe money, interest on that amount. Go to the IRS website or contact your local IRS office to find out what forms you need. Whatever the penalties and interest are, they will continue to increase until you file. You can file and set up a payment plan if you need to and the interest will stop growing.
2006-12-12 12:45:01 · answer #4 · answered by Mike M. 5 · 2⤊ 0⤋
Yes, go ahead and file them. If you have a refund coming from those years, you'll still get it, and not owe any penalties. If you owe, then yes, you'll be penalized, but the amount will grow the longer you wait.
Each year is treated separately, so if you have a refund from one year and owe for the other, you'd still be penalized for the year you owe.
2006-12-13 00:09:11 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
If you do not owe anything from those taxes, you're fine. If you owe....lol you are looking at some penalties probably.
2006-12-12 12:48:49 · answer #6 · answered by Lola 6 · 1⤊ 0⤋
Yes. Penalties can be assessed for late filing and payment. Plus interest can be charged. They can be excessive up to 25% but it will depend on your tax return.
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2006-12-12 15:32:41 · answer #7 · answered by Anonymous · 0⤊ 1⤋