We are about to turn the calendar to another month in 2012. The year is almost gone and all of those things that we promised ourselves to have taken care of are still on our To Do List. Ouch, where has the year gone! Before you know it, it will be tax season again…….WAIT! I haven’t filled 2011’s taxes yet, that reminds me I haven’t filled 2010’s taxes yet either! And maybe it even goes back further than that.
Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether or not full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. All payment plans require continued compliance with all filing and payment responsibilities after the plan is approved. However, full payment of taxes saves you money.
What Will Happen If You Don’t File Your Past Due Return or Contact the IRS? It’s important to understand the ramifications of not filing a past due return and the steps that the IRS will take. Taxpayers who continue to not file a required return and fail to respond to IRS requests for a return may be considered for a variety of enforcement actions. Continued non-compliance by flagrant or repeat nonfilers could result in additional penalties and/or criminal prosecution.
As you can see from the IRS, it isn’t as scary as you might think. The unknown of what is to come is the real scary part. It’s time to find out where you stand and take one of those items from your To Do List and put it on your Done List.