I just wanted to know if one does not file his or her income tax for three consecutive years or more, will there be a problem? Though he / she is paying taxes monthly.
2007-01-22 02:31:30 · 14 answers · asked by nj2c4u 1 in Business & Finance ➔ Taxes ➔ United States
Maybe nothing will happen, if you were not required to file. You may be missing a refund due to you. If you owe, chances are good that you will be sent a notice from the IRS about taxes due.
File those taxes. You can go back as many years as needed. You generally can only get a refund for three years after the due date of the return.
2007-01-22 03:54:51 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
It would be in your best interest to file because you will probably get a refund unless you made alot of money. You can file an amended return for the years that you didn't file. Just go to your local library and they should have(or can print) the forms and instructions to file . It is easier than you think.And if you make a mistake, they will catch it and correct it and send you a letter of explaination.You save money over hiring a tax prep place. Also, the IRS has a phone # you can call to get help answering questions.If you are due a refund for the years you did not file, the statute of limitations is 3 years to go back I believe. So go get your money from Uncle Sam!
2007-01-22 02:54:03 · answer #2 · answered by moose on the loose 3 · 0⤊ 0⤋
None of my clients were drawn and quartered. Some of the cases I have filed (including one this month) the clients have left THOUSANDS of dollars on the table because the statute of limitations expired on the payout of refunds.
You can still get refunds for the past 3 years if you file. There is no penalty if you are owed a refund.
It is a crime NOT TO FILE. It is not a crime to not be able to pay.
We can find out and do quick, free estimates to see if yo umay owe or not owe for any year in the past 10.
Tax Advisor
2007-01-22 04:11:36 · answer #3 · answered by WealthBuilder 4 · 0⤊ 0⤋
Eventually the IRS will catch up to you. In the beginning they're very threatening about what they'll do to you, etc. etc. If you haven't filed in a long time, your best bet is to retain an attorney that specializes in this sort of area. They can help you with paying back any money you may owe to the IRS, etc. A neighbor of mine had a similar problem a couple years ago. They lost both their home and business, but did not go to jail.
2016-05-24 17:41:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The IRS will hunt you down like a dog, drag you naked behind a old, rusty car through the streets of Cleveland then draw and quarter you in the town square before putting your head on display in the middle of the Brooklyn Bridge.
Or, they will fine you and charge you with tax evasion. It really depends on how good of a day your auditor is having.
2007-01-22 03:26:30 · answer #5 · answered by rawson_wayne 3 · 0⤊ 0⤋
Only if prison sounds like a problem
You are required to file a tax return every year, regardless of you paying taxes through your employer.
besides, you are probably leaving money on the table witht he IRS in the form of a refund.
2007-01-22 02:39:54 · answer #6 · answered by Culture Warrior 4 · 0⤊ 0⤋
Your best bet is to get a tax professional to prepare and file the returns for you. There will be penalties for failure to file even if you don't owe anything. But they will go easier on you if you come clean than if you wait and get caught. Your tax professional may be able to negotiate a payment plan for you. In this situation its best to get help than try and fix it yourself.
2007-01-22 02:39:34 · answer #7 · answered by ? 7 · 0⤊ 0⤋
That depends
The IRS calculates the tax based on the info that they have. If they think they owe you money, you will probably never hear. If they think that you owe them money, you will hear and there will be penalties and interest added on.
Some states still have failure to file penalties even if you have a refund coming. You will probably hear from the state before you hear from the IRS.
2007-01-22 02:36:13 · answer #8 · answered by Wayne Z 7 · 1⤊ 0⤋
That will be a problem.
Even if you don't owe them anything, if you had income you have to file. They will rack up HEAVY fines and interest for not filing.
If you file all the missing returns, they usually will give you a break.
2007-01-22 02:35:48 · answer #9 · answered by Anonymous · 2⤊ 0⤋
Yes. You will have to pay huge fines and you could be arrested for tax evasion.
2007-01-22 02:34:31 · answer #10 · answered by notyou311 7 · 1⤊ 0⤋