How long before the IRS discovers I have unfiled tax returns? From Tax Debt Advisors, Inc.
“I have unfiled tax returns…”
It may take several years before the IRS will contact you regarding unfiled tax returns. However this works against you. The interest and penalties on unfiled returns can double the amount you owe in just a few years. As time goes by many records that can reduce your liability have been lost. Your memory of what happened several years ago will fade and you will likely pay much more on your taxes if you had filed returns sooner. Many clients miss one year and when nothing happens another year goes by and then another. Before you know it six or seven years has passed and your tax problem will be getting more difficult to deal with each deadline missed. There is also a serious psychological burden carried when you have unfiled tax returns. You know that a day of reckoning will come and decisions that can be made are postponed and opportunities will be permanently lost. Time is never on your side when you have unfiled tax returns. By filing returns on time even if you do not have the money to pay taxes owed is far better than not filing and taking on additional penalties and interest. Call me today for a free confidential initial consultation to get started.
Scott Allen, E.A. – Tax Debt Advisors, Inc for unfiled tax returns in Arizona