If you haven’t filed income tax returns in several years, it’s crucial to file all missing returns as soon as possible. Not filing on time will cause late filing and late payment penalties to be added to your balance along with interest. And if you are owed a refund, you may lose it if you don’t claim it by filing within three years.
If you ignore your tax balances, the IRS will begin escalating your case through the collections process and may eventually file a lien against your property, garnish your wages, or potentially seize your assets. The IRS generally requires you to file the last six years of tax returns and pay any tax liability you may owe.
A trusted tax relief company like TaxRise can help solve these problems, mitigate any consequences, and negotiate the best resolution for your situation. If you’re ready resolve your tax problems, schedule a free tax consultation today.
