What happens to the filing of IT returns for beyond 6 years? (previous incomes have been from 1999) Is there a consolidated approach? Is there a penalty? Also does it mean that, people can forget filing of IT returns, if not done for old....? How to account that money? Procedures please...
2007-02-01 03:47:33 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
What happens to the filing of IT returns for beyond 6 years? (previous incomes have been from 1999) Is there a consolidated approach? Is there a penalty? Also does it mean that, people can forget filing of IT returns, if not done for old....? How to account that money? Procedures please...
(not willing to pay for accountants as income amount concerned is less than their fees)
2007-02-01 03:54:55 · update #1
The statute of limitations time doesn't start until you file, so if you didn't file, they can go back any number of years and still get you for not filing.
There is no consolidation approach across years - each year has to be filed separately. If you owed money for any year, yes there's a penalty and interest, in addition to the tax owed. If you had a refund coming, there's no penalty, but you'd only get your refund if you file within three years of the original due date.
You can download the forms and instructions from irs.gov if you're doing them yourself. Be sure to use the right forms for the right year's income. Or just take all your documentation to a CPA.
2007-02-01 07:34:06 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
The best way to approach this is with an accountant, they know all the ins and outs of this stuff. Hire an accountant to do your taxes they are pretty resonable. Take care Heather
2007-02-01 11:51:00 · answer #2 · answered by Anonymous · 0⤊ 0⤋
they burn them
2007-02-01 12:13:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋