If you didn’t file a return or failed to file an extension on time, you should still file your tax return, even if it’s late. Filing a past due return is not as difficult as you may think. You should file your late return regardless of whether or not you can pay the amount due.
Penalties & Interest Add Up FAST
The failure to file penalty starts at 5% per month of the balance due. Interest and other penalties also add to the total amount you owe. The sooner you file, (even if you can’t pay the full amount due) the less you will owe. The IRS offers payment plan options to assist you with a balance due.
Let Loggins & Associates Help
Assessing penalties and interest is not the only way the IRS uses to collect balances. If you choose to ignore notices, they may choose to file a substitute return for you based on information they have; they may file a tax lien against your property, and/or levy your wages & bank accounts. But even then it’s not too late to file a return. Loggins and Associates is available to help you through any situation with the IRS. We have the knowledge and experience of dealing with a variety of IRS issues and can speak with the IRS on your behalf. One of our main areas of expertise is negotiating and resolving IRS problems. Give us a call at 770-478-7424.
Latest Tax News
Please note that we will only post things that are from official sources and have been passed into law. We will not post any information about pending legislation.