Unfiled Tax Returns
Michael C. Whelan • Chicago Tax Lawyer
There are many people with unfiled tax returns in Chicago and Illinois. You are not alone. Millions of people for whatever reason fail to file. There may be many reasons for failing to file your tax return such as preventing the inevitable that there is a high chance that you may owe the IRS or basically life just got it in the way. But one thing is for sure, you need to take this very seriously. It is always in the best interest of our clients to file their tax returns.
Nevertheless, if our clients, in most cases, cannot pay their taxes, our firm still highly recommend that they still do. It is better to at least file past due tax return than to have the IRS penalize you in the process. Although the IRS may not have contacted you yet, when they do, you may face very serious consequences if you continue to ignore the situation.
Do Not Ignore Unfiled Tax Returns
The IRS maintains a file going back numerous years when it comes to W2′s, 1099′s, and 1098′s. At Whelan Tax, we can determine certain facts from your files transcripts that have been available for those years where the IRS has prepared a Substitute Return. You may be tempted to ignore your unfiled tax returns, believing that the IRS will not come for you or hope to fly under the radar but fail to address this properly, and in a timely fashion, can result in consequences that may include:
- 1Potential criminal charges
- 2
Civil penalties
- 3
- 4Tax collection enforcement
- 5
We can prepare your past returns by using various substitute sources when there are missing records. Those returns should be filed as soon as possible to avoid accumulated compounding interest. Also, it should be noted that if returns have not been filed in the most recent three tax years, those returns should be prepared immediately to claim any refunds that may be due.
If you have one or more unfiled tax returns contact Michael C. Whelan JD CPA today for a consultation to discuss potential solutions.
