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  » Delinquent or Past Due Tax Returns
If you owe tax from past yearsí income, you could possibly be subjected to several penalty charges on the amount due and the IRS charges interest on an unpaid balance. If you have not filed for years, there is hope. Ohio Tax Debt Solutions can help you stop and reverse some of the damages.
While there are many reasons why a taxpayer may not file a tax return, you need to be aware of the following:
Failure to file tax returns may be construed as a criminal (misdemeanor and potentially a felony!) act by the IRS. This type of criminal act is punishable by one year in jail and $10,000 for each year not filed. Itís one thing to owe the IRS money, but another thing to potentially lose your freedom for failure to file a tax return.
The IRS will not entertain any type of settlement or arrangement until all legally required returns are filed by the taxpayer. The taxpayer must be in full filing compliance before the IRS will enter into an Offer in Compromise or a monthly installment payment plan.
The IRS may file "SFR" (Substitute for Return) Tax Return for you. This is the IRS's version of an unfiled tax return. Because SFR returns are filed in the best interest of the government, the only deductions you'll see are standard deductions and one personal exemption.
You will not get credit for deductions which you may be entitled to such as exemptions for spouses, children, interest and taxes on your home, cost of any stock or real estate sales, and business expenses, etc.
Regardless of what you have heard, you have the right to file your original tax return, no matter how late it's filed.
Contact Ohio Tax Debt Solutions for more help (440) 399-1069
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