When a New York resident has failed to file a federal tax return in the past, he or she may try to ignore the issue and hope that it goes away. But it won’t be long until the Internal Revenue Service catches on and comes after the delinquent taxpayer with guns blazing.
For that reason, it’s best to take advantage of the IRS’s “voluntary disclosure” policy, which allows individuals to file unfiled back tax returns, almost always without the risk of criminal prosecution.
However, when taking part in this program, it’s extremely important that the tax returns are completed accurately because the returns will be under scrutiny and are more likely to trigger a criminal investigation if errors are detected.
That’s why working with an experienced tax lawyer can benefit individuals who decide to participate in the IRS’s voluntary disclosure policy.
If the IRS has already come after an individual for unpaid taxes, time is of the essence. It’s important to take action right away instead of becoming paralyzed by fear or anxiety.
The IRS typically gives taxpayers a specific amount of time to file the back taxes that they owe, and if this is done accurately, the IRS usually does not come after the taxpayer’s home, income or assets. However, ignoring the issue can result in severe penalties, including criminal tax prosecution.
Our firm has extensive experience helping taxpayers file their unfiled tax returns. We are able to help even if you don’t have the tax data needed to complete the unfiled taxes. We have the resources to contact the IRS and get the information needed to complete the filing.
The penalties associated with unpaid taxes only get harsher as more time passes, which is why it’s important to start working toward a resolution today with a law firm you can trust. Find out more at our Unfiled Tax Returns page.