Neglected to File Your Taxes? You Can Rectify the Mistake

Failing to file your federal income taxes for any given year is bad enough—but the real damage happens the next year, when you once again neglect to file your return because you think doing so would call attention to your previous transgression. So it goes, on and on, for years on end, as you dread the eventual “back taxes due” notice from the IRS. There is a solution, though: you can own up to your mistake and file your past-due tax returns today.

It's Better to File Your Returns Than to Wait for Retribution by the IRS

It takes a lot of courage to obtain the necessary forms, gather all your financial records, and file taxes for previous years, but doing so will put you in a better position with the IRS. By filing your back taxes, you'll:

  • Demonstrate to the IRS that you recognize your mistake and are willing to own up to your tax debt (which may well result in less severe penalties and interest payments)
  • Give you some leverage with your appointed IRS revenue officer, who may appreciate your honesty and your willingness to cooperate with the government
  • Remove a huge burden of guilt and dread from your shoulders; you've finally admitted your mistake, and you no longer have to worry when the IRS will decide to come after you
  • Establish the amount you think you owe the government, which can be a good starting point for negotiating an Offer in Compromise when the final bill comes due
  • If you not only file, but pay, your taxes, the only thing you'll have to worry about is any interest payments or penalties levied by the IRS, which may not be as bad as you fear

Filing Past Due Returns? You'll Need the Advice of a Tax Lawyer

If you have decided to file your past years' returns and set the record straight with the IRS, you need to consult an experienced tax attorney, who can advise you how best to go about this unpleasant task—with an eye toward reaping the most benefits from your eventual negotiations with an IRS revenue officer. Questions? Contact the Oklahoma tax experts at Travis W. Watkins, PC (800-721-7054) for a free consultation today!