Late Filed and Unfiled Tax Returns

Late Filed and Unfiled Tax Returns

Late Filed and/or Unfiled Tax Returns is one of the biggest mistakes a taxpayer can make.  It is only a matter of time until the IRS and FTB catch up with you.  The IRS will not work in good faith if the taxpayers fails to do so.  Believe it or not, not filing your tax returns is criminal.  The punishment can be jail time.  This can be scary, but it’s not too late.

We can help with your unfiled tax returns.  The first step is finding a CPA to prepare your late returns.  Voluntarily filing your late returns will help you in the long run.  By doing so, you will reduce the amount of penalties and interest you pay.   Also, by filing voluntarily, you will avoid the IRS filing a substitute-for-return.  A substitute-for-return or “SFR” is a return the IRS files on your behalf.  This is the absolute worst way to have your returns filed.  The IRS will not allow any deductions and file with the most tax due.

If the IRS files this return on your behalf, you have a short period of time to correct your return.  If you do not respond, they will assess the high liability and come after your assets.

Call our office now for a free consultation and meet with a San Diego CPA.