Then now is a good time to start.
2007-01-31 04:34:18
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answer #1
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answered by Eva 5
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As long as you do not owe, you'll be fine. If you owe, get ready for the worst time of your life. But file this year and get it done! If they owe you, if you wait too long, they won't give it to you. And you can only go 3 years of doing that even if you don't owe. And if you do owe, they are doing a interest and penalty calculation to you now and you don't even know it. And on top of that, it's doube. Meaning, 2 interests and 2 penalties. So that when you make arrangements to pay them, they only drop 1. So they are still nailing you for the interest and penalty. And it's HIGH! But, after so many years, I think it's 10, if they don't collect, they can't. They will send you papers to sign, reinstateing you. Don't sign them! It's a trick. You legally do not have to. But, if you do, you are bound again for another 10 years. (If I have the 10 years right. Could be a different number of years, but I think that is what it is.) And don't file these your self. Hire a professional to do them. There is less of a chance for audit doing that. Good luck.
2007-01-31 12:42:28
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answer #2
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answered by Shari 5
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FILE YOUR 2005 RETURN ASAP. You possibly have interest and penalties to worry about if you owe. Even if you don't owe, you still have a late filing penalty to deal with.
Don't listen to anyone that says, "Don't worry about. Don't file the return." They are giving you really bad info.
For example, we have a client that didn't file returns for FOUR years. The IRS & CA calculated her returns for her. Of course she owed because they didn't take into account lots of deductions - they used the info they had. Well, we finnaly got the returns filed and she had huge refunds on each return. She didn't ret the 1st year's refund becasue it was beyond the three year statute of limitations.
Good luck to you.
2007-01-31 12:44:27
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answer #3
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answered by Dizney 5
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if you were required to file last year, I would suggest you file last year and this year together,
consult a CPA to be sure
2007-01-31 12:35:01
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answer #4
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answered by fighterace26 3
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