consequences of unfiled tax returns miami
TRANSCRIPT
Consequences of Unfiled Tax Returns Miami
Unfiled tax returns are the serious issue in the point of IRS (Internal Revenue Service). Internal Revenue Service is responsible for collecting taxes.
IRS will not stop the collection process, until all unfiled tax returns are filled and all due taxes are paid.
If you continue failing to file taxes, then IRS will levy your wages. The best way to relief from the returns are to first file the taxes which are unfiled.
What is Unfiled Tax Returns
Substitute For ReturnIf you failed to file returns before the IRS does, they will file a substitute for return for you.
Substitute for return (SFR) is calculated based on the IRS guess on your income, then you will have penalties and fines on your tax bill.
If SFR is filed on us, we cannot get any deductions on an SFR, so it is better to file your taxes before IRS file you SFR for your taxes.
Not Filing Your Tax Returns Are Crime
Not filing your tax returns are a crime. Unfiled tax returns miami have a criminal consequence as well.
It is sure that IRS will punished you legally, if you fail to file. IRS will not accept, if you claiming your inability to pay tax bill. They will put fine or penalties on your bill, if you fail to file your returns.
Non-filer Cases
IRS finds that nearly 10 million taxpayers fail to file their tax returns every year, which results in large amount of back taxes and fees.
IRS has improved and advanced enough computer and softwares to find the tax payers, who are in non filer case.
They are considering these issue with high priorities. If you have not file the taxes, and IRS has not discovered yours yet, then it is the right time for you to act.
First file all your taxes and try to escape from SFR. If you do not the step right now, then they will knock your door in the near future.
Information Reporting System
Information Reporting System is a multi task system that contains a subsystem, which aims at the discovery of under reporting of income and tax payers who have not filed the required tax returns.
This subsystem is the backbone of IRS effort to identify and locate non filers.
So, try to file all your taxes before IRS seize you.
For more information Please visit us at: http://www.keytaxgroup.com/
Contact us at: [email protected]