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Can Chicago Businesses As Well As Individuals Get Away With Having Unfiled Taxes? | A Finance Article You might find a huge number of tax payers in the US with unfiled taxes. Some people might believethat if youoverlook the issue nike air max 2015 mens sale , it could just go away others are always stressed over the situation. A number of tax payers think that if you go ahead and file their returns after some time of not filing, it would cause a red flag with the IRS. While some may get by with not filing income tax returns for lots of years, there are others who think they could stay beneath the radar only to get caught by the Internal revenue service only to suffer high fines and interest that could have potentially been avoided. There are many reasons people choose not to file their income tax returns including: concerns of owing taxes, needing to pay the tax liability, financial problems, distraction from a death in the family nike air max 2015 uk , lack of ability to track down tax records, too busy, can't afforda licensed tax professional or fear of being sent to jail for not filing. But one unfiled tax return can turn into several and before you know it they have piled up over the years making it tougher to catch up. What many people don't know it that the IRS already has most of their financial information and is aware whether they should file a tax return or not. In case you have ever received W2, 1099s, 1098s, have a business or received large deposits higher than $10 nike air max 2016 flyknit womens ,000.00 in your bank account, the IRS has that information. When you have a refund coming back or owe nothing, you could not bother filing the return. But for tax payers that do owe money, the IRS often chooses to file the return without deductions you may otherwise be eligible for if you filed your own return. This may generate penalties and interest that are enormous and can increase your liability depending on how much time has passed by since the tax due date. What's worse is that theIRSnow has a reason to garnish wages, levy bank accounts and additional assets if you choose to overlook their demands for payment. If you have moved and they choose to file your return, you can not realize there is a garnishment or levy in place until your bank or jobobtains a notice. There aresome very fortunatepeople to get away with having unfiled tax returns in Chicago and all over the United States but the IRS eventually catch up to most taxpayers. The cost and consequences is just not worth it. There may also come a period when you may need your tax records for individual or business transactions or even to file bankruptcy. You will also have to get your taxes filed and up to date if you'll need to work out a payment arrangement with the IRS or negotiate an Offer In Compromise to settle your tax debt. If your payis being garnished you must get up to date on all prior year income tax returns before an arrangement can be made with the IRS to stop the wage garnishment. The bad news about having unfiled income tax returns is that many taxpayers are actually due a refund before all the penalties and interest gets added but they lose the chance to collect the refund after three years from the date the return was due. If you cooperate with the IRS and file your own returns nike air max 2016 womens black , you have a better chance of working with them on a solution to resolve the matter. If you don't want to deal with the internal revenue service alone, hire a tax professional who specialize in Internal revenue service tax problems to communicate with the internal revenue service file your taxes and get you compliant. If you have misplaced tax documents, don't worry. Your documentscan be obtainedin as little as one day by giving authorization to a skilled tax professional who is registered with the internal revenue service to receive this information on behalf of the taxpayer. If you own your own business and don't have your documents, it is recommended by the IRS to use the industry standard to file your returns. If you received a tax bill from the IRS because you filed a substitute return for you, you are allowed to file your own returns and add the missing deductions you may quality for. You may end up getting refund or you may end up with a tax liability along with fines and interest. 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