Top Questions That People With Unfiled Tax Returns Usually Ask
In our society, we may come across some people who are not paying their taxes and you may e surprised to know that they have been doing these for a very long time already. So what those who are not even scared that since birth they have never paid their government dues? So many wonder about what will be the statute of limitations for unfiled tax returns. If there are some crimes who have their existing statute of limitations then is it possible that our government will allow this similar limitations for people who have never paid their taxes ever since or to people who have paid their taxes before and then stop paying it. There might be some people that are still not sure about the amount they have to pay in the government after they have gone bankrupt. While these are the most common reasons of not filing tax returns however we can not deny the fact that some percentage of these people are scared of being locked up.
After reading this articles, you may find out that some of your questions regarding your taxes will be answered.
1. Supposedly, I didn’t file any tax returns for many years already, does it mean that I still have to pay for those years that I skipped?
Well if you have an existing substitute filed return (SFR), then you don’t have a choice but to pay for it otherwise you will be punished and in some cases wherein there’s no SFR filed against you you can hire some tax return lawyer to negotiate in your behalf.
What if I don’t have enough money to pay for my taxes then, can I skip paying it for now?
You have to because if you fail to do so, you might spend some time in prison. Some people considered this point as a good timing when filing their revenues because of the Reasonable Collection Potential (RCP).
If I have some unpaid debts in the IRS, will they still allow me to get or renew my passport?
Once you have an existing balance with the tax bureau, you can still get your passport however if did violate some of the rules of the IRS, they might have your passport cancelled. Just follow the rules and pay what you owe to the tax bureau first so that there will be no more existing violations and you can have your passport back.
So what are you waiting for?
Attributed by: Overwhelmed by the Complexity of Resources? This May Help