Have you ever wondered what would happen if you didn’t file your tax return? Well … You basically lose your refund (if you pass the three year tax deadline date) which for some people can be a significant loss. Also, you put yourself at risk of having the Internal Revenue Service (IRS) file for you.
Don’t wait on the IRS to file your taxes on your behalf. Let IRS Audit Group file your taxes in full compliance with the IRS. We will collect all the information from tax authorities, review it with you and file your tax return.
According to the IRS, substitute for return (SFR) and delinquent return procedures were developed to deal with taxpayers who do not file required tax returns. They use this to assess the correct tax liability by either:
- Securing a valid voluntary tax return from the taxpayer (delinquent return), or
- If securing a return is not possible, computing tax, interest, and penalties based upon information submitted by payers, or based on other available information (SFR).
If the IRS files a return, it will be based on the information they have available through existing records and it is usually done automatically. The downfall to this is that whether you were married filing jointly, had dependents you could claim for that year or whether you had any deductions are not taken into consideration. You’d sacrifice any of the credits that could lower your taxes and may end up owing substantially more taxes based on the SFR than if you filed your own tax return.
This triggers the snowball effect: If you fail to pay the taxes the IRS has assessed against you, the IRS will begin collection proceedings to collect the taxes. Which could include issuing levies against your bank account or wages and filing liens against your property.
Don’t face the risk of increasing your tax liability – contact IRS Audit Group today to file your returns or for help on other tax issues. You still have options in cases like this and our team of tax professionals would be happy to guide you through them!