Unfiled Returns with The Law Offices of Nick Nemeth
  • January 9, 2018
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Many taxpayers who have not filed their tax returns have several questions on unfiled returns. While some want to know about the statute of limitations on unfiled returns, there are others who are not sure of what steps they can take to avoid the penalties associated with unfiled returns. To help, in this post we answer some of the most frequently asked questions on unfiled returns. Read on.

I did not file my tax returns. What could be the consequences?

The IRS can charge a 5 percent penalty per month (that can go up to 25 percent) on your tax dues, if you fail to file your tax returns. Filing late taxes would also mean that you lose your entitlement to claim a tax refund. You may also lose your chance of rolling the losses suffered by you in a particular year to any future year. In some cases you may also be asked to pay a fine of up to $25,000, or you may be jailed.

Can I e-File a late tax return?

Yes, you can e-File a late tax return, however, you can do that only up to six months past the due date for filing your returns. Once you are past that time limit, the only option out for you is to mail your tax return.

Will the IRS contact me if I do not file my tax return?

Yes, the IRS will try to reach out to you for unfiled returns. It will send out notices to the mailing address that was last updated on your file. While initially the IRS would simply send reminders asking you to pay the due taxes, later they will start sending notices demanding you to pay the dues within 30 days. In case you fail to respond, the IRS will file a Substitute for Returns (SFR).

What is an SFR?

If a taxpayer does not file their returns, the IRS prepares a substitute for return basis the taxpayer’s wage and income reported (from relevant documents) during that year. The worst thing about SFR is that the taxes assessed by the IRS are higher than what a taxpayer actually owes to the IRS. That is because when preparing the SFR the IRS does not consider factors such as whether the taxpayer was married and filing jointly, or if they had any dependants for who they could have claimed tax returns.

I lost my W-2 Documents and 1099s. What should I do now?

In case you have lost your W-2 documents or 1099s, you can ask the business or organization that issued those forms. Usually, companies keep a record of these documents for seven to ten years. Just in case you are unable to get the documents from the company, contact the IRS and ask it for a wage and income transcript(s). You can also hire an IRS tax law expert to help you get a hold of the required documents.

Must Read: 4 Steps to Filing Your Unfiled Tax Returns

Need help?

If you have any unfiled taxes do not delay, file them now. If you need help, call the Law Offices of Nick Nemeth today at (972) 426-2553 and schedule your free and confidential consultation with Nick Nemeth to get the best resolution for your circumstance.

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What Our Clients Have to Say

Susan WilsonSusan Wilson
03:27 25 Jan 23
I have been very pleased with the solid counsel and guidance that Nick Nemeth has provided me regarding my tax issue. I found him to be honest and straightforward which I appreciated. I was impressed with his relevant experience and knowledge . He has definitely brought me peace of mind during a difficult and stressful time.
Sarah HowardSarah Howard
03:44 14 Nov 22
I would like to thank Mr. Nick and his staff for the superb help that I received from them. My IRS problem was resolved quickly and efficiently. It took 2 visits to convince me that I was over my head. I thought that I could call the IRS, appeal my tax notices and settle on a payment plan on my own. After many phone calls to the IRS, waiting sometimes more than 4 hours with no resolution to speak of, it proved to be extremely difficult and stressful. Revisiting Mr. Nick was a huge wake up call. My account was reviewed, and a payment plan was established with the IRS within a week. I will be forever grateful to the staff who worked on my case and especially to Lorna who listened to me vent while going through this painful process.
00:33 07 Aug 22
I cannot say enough good things about Nick and his team. When I first met with Nick he was up front, honest, friendly and efficient. When I worked with one of his attorneys, Eric B, I was just as pleased. All of the staff there are nice and very helpful. I wish I hadn't waited so long to get help with my issue. Over 6yrs I tried getting through and getting anywhere with the IRS and hardly made any progress. I know this may not be the case for all, and even I thought it would take longer than it did, but 3mos and they had my situation straightened out. I still can't believe it. Thank you thank you THANK YOU for all that you did for me. This is a huge burden gone out of my life now thanks to you. If anyone needs help out there, I know you may not want to shell out more money to get their help but it may just save you in the long run.
Spoilly GirlSpoilly Girl
23:49 03 Aug 22
The Nemeth Law team is exceptional. They treat their clients like a family member who is in crisis. They want you to get the best possible outcome. I really appreciate everything that they did for me. Jake and Ashley had the greatest role in my case and it all turned out for the best for me. Thank you Nick and team for easing my fears and getting me through the long process. I'm truly grateful.
Eddie WaltEddie Walt
19:44 12 Jul 22
During a time in which competent, professional service at a fair price seems to have disappeared, Mr. Nemeth and his team are a refreshing breath of fresh air.From my first phone call to the final settlement of our case with a non-responsive IRS, they under-promised, over-delivered and were in constant courteous contact to make sure we knew exactly what was happening and where we stood.I hope to never need their services again, but, should I receive another friendly letter from the IRS...I know who to call!
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