Tax returns are a must. If you do not file tax returns, you cannot file for Bankruptcy. If you do not file tax returns, you cannot start the statute of limitations running on the audit or review of your tax returns. If you do not file tax returns you cannot start the Collection statute of limitations running.
With incredibly few exceptions, everyone has the right to file amended returns. This means that timely filing is always recommended. This is particularly true if you cannot afford to pay your taxes. Lying to the IRS is a crime. Failure to file will subject you to penalties. Owing the IRS money that you can’t afford to pay is not a CRIME.
For all these reasons, filing a tax return, on time, every time is a great idea.
This article is written by an attorney at Wyatt & Mirabella, PC. Always consult an attorney before making any legal decisions. To make an appointment today for a free consultation, please click here to contact us.