Consequences of Unfiled Tax Returns Miami

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Unfiled tax returns are the serious issue in the point of IRS (Internal Revenue Service). Internal Revenue Service is responsible for collecting taxes.

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Consequences of Unfiled Tax Returns Miami

  1. 1. Consequences of Unfiled Tax Returns Miami
  2. 2. What is Unfiled Tax Returns Unfiled tax returns are the serious issue in the point ofIRS (Internal Revenue Service). Internal Revenue Serviceis responsible for collecting taxes. IRS will not stop the collection process, until all unfiled taxreturns are filled and all due taxes are paid. If you continue failing to file taxes, then IRS will levy yourwages. The best way to relief from the returns are to firstfile the taxes which are unfiled.
  3. 3. Substitute For Return If you failed to file returns before the IRS does, they willfile a substitute for return for you. Substitute for return (SFR) is calculated based on the IRSguess on your income, then you will have penalties andfines on your tax bill. If SFR is filed on us, we cannot get any deductions on anSFR, so it is better to file your taxes before IRS file youSFR for your taxes.
  4. 4. Not Filing Your Tax Returns Are Crime Not filing your tax returns are a crime.Unfiled tax returns miami have a criminal consequence aswell. It is sure that IRS will punished you legally, if you fail tofile. IRS will not accept, if you claiming your inability to paytax bill. They will put fine or penalties on your bill, if you failto file your returns.
  5. 5. Non-filer Cases IRS finds that nearly 10 million taxpayers fail to file theirtax returns every year, which results in large amount ofback taxes and fees. IRS has improved and advanced enough computer andsoftwares to find the tax payers, who are in non filer case. They are considering these issue with high priorities. Ifyou have not file the taxes, and IRS has not discoveredyours yet, then it is the right time for you to act. First file all your taxes and try to escape from SFR. If youdo not the step right now, then they will knock your door inthe near future.
  6. 6. Information Reporting System Information Reporting System is a multi task system thatcontains a subsystem, which aims at the discovery ofunder reporting of income and tax payers who have notfiled the required tax returns. This subsystem is the backbone of IRS effort to identifyand locate non filers. So, try to file all your taxes before IRS seize you.For more information Please visit us at:http://www.keytaxgroup.com/Contact us at: info@keytaxgroup.com

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