15 May What to Do if You Haven’t Filed Your Tax Return by Trisha Burke

Posted at 04:00h in GWG Blog, Trisha Burke by GWG Admin Support 0 Comments

You may not have filed your federal income tax return for this year or previous years. Regardless of your reason for not filing a required return, file your tax return as soon as possible.

If you are not sure you are required to file a return, visit Do I Need to File a Tax Return or refer to Publication 17, Your Federal Income Tax for Individuals. If you are required to file a return, but you cannot pay all of the tax due on your return, the IRS may be able to help you establish a payment agreement.

If your return was not filed by the due date April 18, 2016 (including extensions of time to file), you may be subject to the failure to file penalty. Interest is also charged on penalties.

There is no penalty for failure to file if you are due a refund.
An original return claiming a refund must be filed within 3 years of its due date for a refund to be allowed in most instances.
After the expiration of the three-year window, the refund statute prevents the issuance of a refund check and the application of any credits, including overpayments of estimated or withholding taxes, to other tax years that are underpaid. However, the statute of limitations for the IRS to assess and collect any outstanding balances does not start until a return has been filed. In other words, there is no statute of limitations for assessing and collecting the tax if no return has been filed.Trisha Burke
Tax Tyme