Well, in my role as a tax consultant, I speak with people every day who have gone years without filing income tax returns. I have clients who've gone for as many as 17 years without filing, but IRS policy (in most cases) only requires that a taxpayer file their past six returns in order to be considered compliant.
This post from the tax consultant at www.irsmind.com explains the reason for this particular policy. What's going to happen when the IRS upgrades their system and they can keep eight or ten years on file? Will "compliance" mean that a taxpayer has to file additional late returns (and, therefore, significantly increase their tax debt)? If so, the price of compliance will rise dramatically, making effective representation more vital than ever.
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3 comments:
The IRS rules and regulations get tougher and tougher each year. You have given good advice for those taxpayers that need help they do need to work quickly. The longer they wait the hard it is becoming to resolve their situations.
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