What should I do if I've not filed tax returns in several years?

Answer by  sherryk (621)

Contact your accountant--or get a highly competent one upon a friend's recommendation. Have the accountant contact the IRS and have the accountant negotiate a settlement with them on your behalf. That way you know it will be handled properly, as they have experience you don't in dealing wtih the IRS.

Answer by  Jalaine11 (2043)

You should file your taxes immediately. Your past amount will be subject to penalty if you are to receive money and interest if you owe. Consult a financial adviser.

Answer by  Michelle52 (61)

Gather your tax documents from those years and bring them to an accountant. You will be charged penalties for the back taxes, but will still be able to avoid criminal charges.

Answer by  krpmuffitt (223)

You need to file the tax returns even if you can not pay the taxes at this time. The IRS will work with you to get any taxes owed paid but not if you have not filed the returns.

Answer by  flamiss22 (5081)

You need to find out what kind of penalties and fines you are facing. Hire an accoutant to file your taxes right away. Depending on the severity of the fines you may be able to get an extension and make payment arrangements with the IRS. If the do grant the arrangement make sure you stick to it.

Answer by  gleverance (720)

You should immediately get all of those returns prepared, determine the net amount of tax that is due, and then call the IRS to make arrangements. Have a good explanation ready about why you failed to file your returns. If you can't provide a reasonable explanation, you could face steep fines, possibly even jail time, for tax evasion.