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Are you afraid your unfiled tax returns will cause you trouble?

| Jan 7, 2020 | Tax Controversies

It is a new year, and April 15 will creep up on many Boston residents before they know it. Are you dreading tax day because you have unfiled tax returns that you need to address? You may find that enlisting some assistance could help take the sting out of making up for lost time. 

Not everyone who fails to file his or her tax returns becomes the subject of a criminal investigation by the IRS. In fact, the agency is often lenient if you make an effort to catch up on your filings. You may qualify to take advantage of the IRS Voluntary Disclosure Filing Program, which puts you back into the system. Depending on the circumstances, you could end up with a refund.

Otherwise, you could end up facing tax collection efforts by the IRS. The agency could garnish your wages, file liens on your property or file levies on your bank accounts. The nation’s taxing authority could file a substitute income tax return on your behalf and send you a bill. The hope is that you would not face any criminal charges, but you could face these and other civil consequences.

Regardless of the potential setbacks, you would more than likely be better off dealing with your unfiled tax returns rather than letting the situation get worse by ignoring it. However, you do not have to deal with the situation on your own. In fact, you may find it beneficial to work with a Boston tax attorney who can help protect your rights and work to achieve a resolution that provides you with the best outcome possible.

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