Unfiled Tax Returns

One of the biggest problems with rectifying a situation of an unfiled tax return is that many people no longer have the proper records needed to file a tax return for a prior year. However, experienced tax professionals, such as the ones at People’s Tax Relief, can often prepare unfiled tax returns from information in the IRS’s Master File Transcripts (which contains W2’s, 1099’s and 1098’s for previous years), as well as from other sources. This is often preferable to the Substitute Return that is prepared by the IRS on behalf of taxpayers that don’t file a return to determine the amount of tax owed.

If you have not filed a tax return for one or more years, it’s important to address the unfiled tax returns as quickly as possible to avoid mounting penalties, compounded interest and possible collection action from the IRS. You may even have a tax refund due to you, and if that is the case, you don’t want to miss out on the refund simply because the time limit for claiming the refund has expired.