Non Filed Tax Returns
Failing to file a tax return could result in costly penalties and even criminal charges. If you missed out on filing your taxes, it is critical that you take immediate action to resolve the problem. However, make sure that you do so only with the help of an experienced Mississippi tax attorney.
Damiens Law Firm, PLLC is here to provide you with the guidance you need during the process of correcting delinquencies and deficiencies. We can also help you minimize your liability, reduce additional penalties, and avoid disputes with the IRS.
To arrange a free consultation with our trustworthy non-filed tax returns lawyer, call (601) 957-9672 now.
Consequences of failing to file a return
If you have missed the deadline for filing your taxes, ignoring the IRS is not the solution. The longer you wait to resolve an unfiled tax return issue, the more significant the consequences you will face.
The current failure-to-file penalty is usually 5 percent of the outstanding tax bill for each month that the tax return remains unfiled. This can add up very quickly. For example, if you owe $1,000 and your tax return is 4 months late, you will pay a 20 percent penalty, or $200.
The most important thing to realize is that failing to file your tax returns is a criminal offense. Punishment for this type of crime can be as harsh as one year of imprisonment for every year your taxes are not filed. Even if you have seemingly evaded the IRS by not filing for a few years, it is better to resolve the issue now, rather than wait for them to find out.
What happens if I don’t report income on my taxes?
If a person has withheld income and is audited, and the correct income is discovered, the person will likely be forced to pay the correct amount of taxes owed, as well as a penalty. When conducting an audit, the IRS can view the person’s records from the past three years. Individuals who do not report income on their taxes seldom end up in jail. However, if the IRS believes that a person has willfully refused to pay taxes, it has the option of pursuing a criminal charge.
Our Mississippi and Tennessee non-filed tax return lawyer can help you file your delinquent returns to prevent further penalties and interest. The sooner you begin the process, the more likely you will be able to take advantage of certain deductions and allowances.