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Tax Returns Do you have an unfiled tax return? Unfiled tax returns may not be as problematic as you think and should be filed regardless of whether or not full payment can be made. Depending upon the individual's circumstances, a late filer may quality for a payment plan. However, failure to file a tax return altogether is a criminal misdemeanor which carries a penalty of up to $25,000 and/ or 1-year in jail for each year you failed to file your tax return. Even if you are not criminally prosecuted, you may face civil penalties up to 25% of the amount due on your return. If you have unfiled tax returns it is best to get this taken care of right away. A certified tax professional can easily help you and get you in compliance with the IRS. |
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