Unfiled Tax Returns

By
Real Estate Agent with Prudential CT

Unfiled Tax Returns

There are many reasons why taxpayers fail (or forget) to file required tax returns, but whatever the reason, not filing can be a very serious matter

Did you know that the IRS may construe your failure to file tax returns as tax evasion -- a criminal act punishable by a prison sentence for each year a return is not filed.  I have seen this happen!

Needless to say, it's one thing to owe the IRS money but quite another to potentially lose your freedom for failure to file a tax return.

The IRS can file "SFR" (Substitute For Return).... Tax Returns on your behalf but without your approval. A Substitute For Return is the IRS's version of an unfiled tax return. Because SFR returns are filed in the best interest of the government, the only deductions you'll see are standard deductions and one personal exemption. You will not get credit for deductions to which you may be entitled such as exemptions for your spouse and children, deductions for interest and taxes on your home, cost of any stock or real estate sales, business expenses, and more.

Notwithstanding any action by the IRS and no matter how late it may be, you have the right to file your original tax return. However, as you can see, such filings can bring great risk unless properly handled by an experienced tax professional.

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