• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Services
    • Accounting
    • Payroll
    • Tax
    • Compliance
    • Incorporation Services
    • CFO & COO Services
  • About Us
  • Pricing
  • Contact Us
  • Consult
  • Pay Bill
Indian CPA | Virtual Tax Consultancy serving all over US

Indian CPA | Virtual Tax Consultancy serving all over US

Indian Tax Consultant serving across all 50 States

  • Personal Tax
  • Personal Tax FAQ
  • Personal Finance
  • Personal Finance FAQ
  • Subscribe to Indian CPA

Haven’t Filed an Income Tax Return?

October 3, 2012 by Roy Vargis CPA, CMA, CFM, CITA, EA, ACMA, CGMA

If you have been procrastinating about filing your 2011 tax return or have other prior year returns that have not been filed, you should consider the consequences.

Taxpayers should file all tax returns that are due, regardless of whether or not full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. All payment plans require continued compliance with all filing and payment responsibilities after the plan is approved.

Facts about Filing Tax Returns

  • Failing to file a return or filing late can be costly. If taxes are owed, a delay in filing may result in penalty and interest charges that could substantially increase your tax bill. The late filing and payment penalties are a combined 5% per month (25% maximum) of the balance due.
  • If a refund is due, there is no penalty for failing to file a tax return. But by waiting too long to file, you can lose your refund. In order to receive a refund, the return must be filed within three years of the due date. If you file a return and later realize you made an error on the return, the deadline for claiming any refund due is three years after the return was filed, or two years after the tax was paid, whichever expires later.
  • Taxpayers who are entitled to the Earned Income Tax Credit must file a 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.
  • If you are self-employed, you must file returns reporting self-employment income within three years of the due date in order to receive Social Security credits toward your retirement.

Taxpayers who continue to not file a required return and fail to respond to IRS requests to do so may be subject to a variety of enforcement actions, all of which can be unpleasant. Thus, if you have returns that need to be filed, please call this office so we can help you bring your tax returns up-to-date, and, if necessary, advise you about a payment plan.

Taxpayers who continue to not file a required return and fail to respond to IRS requests to do so may be subject to a variety of enforcement actions, all of which can be unpleasant. Thus, if you have returns that need to be filed, please call one of our professionals so they can help you bring your tax returns up-to-date, and, if necessary, advise you about a payment plan.

Filed Under: Personal Tax, Tax related

Primary Sidebar

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

More to See

January 2020 Individual Due Dates

January 2, 2020 By Roy Vargis CPA CMA CFM EA CITA ACMA CGMA

How Can I Prove Financial Hardship to the IRS If I Can’t Pay My Taxes?

January 2, 2020 By Roy Vargis CPA CMA CFM EA CITA ACMA CGMA

Footer

Recent

  • Individual and Business Provisions of the CARES ACT
  • January 2020 Individual Due Dates
  • How Can I Prove Financial Hardship to the IRS If I Can’t Pay My Taxes?
  • Is Your Will or Trust Up-to-Date?
  • Understanding Tax Lingo

Search

Copyright © 2022 · Magazine Pro on Genesis Framework · WordPress · Log in