If you or your small business hasn’t filed a tax return in a year during which you made money — or even lost money — you need to get that information together and file those returns. The government, and the Internal Revenue Service in particular, takes a dim view of Unfiled tax returns. In fact, failing to file your tax returns is a criminal offense.
The failure to file penalty is significant. The typical failure to file penalty when no fraud or negligence is involved is 5% per month on the total tax liability that is owed. This penalty begins the day after the tax return was due. When fraud or negligence is involved, the rate jumps to 15%. Get help before penalties start. Even if you have not filed in years, it is recommended that you start. It is never too late to comply.
If you have non-filed tax returns, contact the best rated NC accountant, Mildrid Esua, CPA with offices in Greensboro and Charlotte immediately. The personal accountants are there to make your transitions into wealth and status easier and more fruitful. Their job is to:
Pull your financial information together as thoroughly as possible
Create the tax return professionally, with your best interests in mind
File the tax return with the IRS as quickly as possible
Every year, the massive computer center at the IRS gets more sophisticated and more powerful. If you haven’t filed a tax return for any year, you’re sitting on a time bomb. It’s just a matter of time before the IRS catches up with you. And if they find you, they’ll file your tax return for you, which means you won’t receive any of the deductions due to you. You’ll get whatever the government decides to give you — and they likely won’t worry about getting you the best deductions or protecting your valuable assets