Unfiled Returns

If you don't file your federal income tax return by April 15, the Internal Revenue Service can impose a penalty of 5% of the net tax due per month. You may be charged interest in addition to penalties. The maximum penalty is 25% of the tax due. The penalty is in addition to the regular interest charge. The monthly payment may be doubled to 1% if after repeated requests to pay and a notice of levy, you do not pay. If payment is not made after a demand for immediate payment, the IRS may attach your assets. Tax penalties are not deductible.

These penalties and interest are difficult to remove or reduce without using an Offer In Compromise. Taxpayer’s not filing returns face criminal possibilities through allegations of tax fraud. It is best to file your return even if you do not have the means for payment. Even late filings are better than no filing at all.

In this modern world of computers and information sharing the IRS will eventually locate and identify most non-filers. It is all a question of time. So file your returns, make them as accurate as possible in order to avoid referral to the Criminal Investigation Division.

There are many reasons people fall behind in filing and in payment of their tax liability. The important item is getting current. We can assist you in removing this burden in your tax filing obligations and together we can seek the most advantageous settlement for you. For many of you it will be the filing of an Offer in Compromise. So contact us immediately in order to rectify this situation now.

We would be pleased to discuss your particular situation and assist in your decision process. If you would like to learn more about bringing your filings current and in resolving the unpaid tax liability through an Offer In Compromise contact us. In order to facilitate you in this planning choose from Assistance Form; E-mail: gcoulter@gctaxlawyer.com or phone us at: 1.888.5TAXLAW or 1.706.546.9755.