Unfiled tax returns from previous tax years come with the risk of increasing penalties and interest – and possibly criminal proceedings. The good news is that the IRS accepts late returns, so it’s important to file them as quickly as possible. Unlike current tax returns, delinquent tax returns cannot be filed electronically.
Delinquent taxes are basically taxes older than the previous year. The longer you wait to file, the more penalties and interest accumulate. Unfiled tax returns, whether you ignored or forgot to file tax returns, can lead to equally dire consequences, such as the following:
- Stacking penalties and interests
- Loss of tax credits
- Unqualified to file for bankruptcy
- Criminal proceedings
A certified tax professional with years of experience can help you quickly and accurately file your delinquent tax returns. Directly filing your returns without a consultation or expert advice could pose problems because tax code can be complicated.
Long Island Tax Resolution Services offers delinquent tax return services. Our team of experts help you navigate the difficult process of collecting necessary documentation and information. We will also assess your situation to determine if there is help available with the outstanding penalties and/or interest.
Protect yourself from the wrath of the IRS – contact us today for more information about delinquent tax returns.