What happens if I send in all the relevant W-2s along with a letter of apology/plea for mercy? Will all be forgiven and things get back to routine, tax-wise? Will the IRS hit me with MEGA fines regardless of my reasons for being behind? I have had taxes taken out of all of my paychecks during this time; I would think that I was only ‘cheating’ myself (my intention wasn’t to ‘cheat’ anyone, though) out of a tax return…so what are the chances that the IRS will ‘call it even’? When I turned in my delinquent tax filings to the State and City level, they basically said, “thanks for filing” and I never heard from them again, either to collect for fines or to offer any returns.
You have three years to file back tax returns. If the returns are in the three year period you will get all the rebates you deserve. Other than that I cannot say.
Slee
Who missed three years of tax returns and then got a bunch of rebate checks
Oh, forgot this. If it is three years just send in the returns and do not include anything else.
BTW, IANAL so check with a Lawyer first.
Slee
Yeah, what sleestak said.
One thing though, you might want to watch your step for the next year or three and not get to aggressive on tax breaks. Your on the list kiddo, and it ain’t for Christmas cards.
If they owe you money, you are all set. They will only fine or penalize you if you owe them money. It is a little known fact that you can file any time you want (within reason) if you are sure you are due a refund. I filed my returns six months late or more a few times. They didn’t even bat an eye and I got my refund check a few weeks later without another word.
If you owe them money, well that is a little different.
OK, thanks…I actually am not every very aggressive on claiming tax writeoffs anyway, I just was somewhat…confused. Long story. (No, I wasn’t in a mental institution.)
What are you basing this on? I don’t necessarily doubt it’s true, but that’s hardly proof.
E3
Skip the lawyer unless the IRS is persuing you. Get an accountant who specializes in back taxes.
I just came in to voluntary compliance after not filing for 6 years… My accountant is the best $300 I ever spent. I have not, nor will I ever have to deal with the IRS or my state revenue department directly. He’s taking care of all of it. He understands the laws, the forms, and the process. All we have to do is sign, and in due time, faithfully make the payments that we’ll be making for the next several years.
My previous post is based on the assumption you owe money.
What about sending in the W2s by themselves? Will this just annoy the IRS and send them into a frenzy, or would that work out OK…?
No dude, don’t just send in your W-2s. A W-2 by itself won’t qualify as a “return,” so you may as well have just sent in your kid’s diaper or something.
I’ll echo the advice above to get a tax accountant on this.
Seven years ago, at the age of fifty, I filed my very first federal and state tax returns. The IRS sent me the forms for the prior three years, and told me that I could not file for the years before that. They sent me seven thousand dollars.
The state sent me seven years worth of tax forms, and paid me over three thousand dollars. The following year, I filed on the second of February, as I have done each year since. I file the regular 1040 A and take the standard deduction. Then, in March, I call the IRS, and ask for an audit. Usually, they tell me I don’t need to have an audit, and I have to insist.
I enjoy my relationship with the IRS much more than I would if I was trying to squeeze them out of every possible cent of my money, since in that case I would get only money. This way I get laughs. And I have absolutely no fear of the IRS, whatsoever. Lately, I have been taking the option where you let them figure your taxes, and then asking for an audit, anyway.
Tris
“Ancient Rome declined because it had a Senate; now what’s going to happen to us with both a Senate and a House?” ~ Will Rogers ~
Another vote for getting an accountant to help you with this. You don’t need an attorney at this stage. An accountant, assuming your tax situation isn’t wildly complicated, won’t charge you much to put together the filings for you, and he/she can answer any questions that the IRS might come up with.
If, on the other hand, you’re trying to depreciate your offshore oil venture holdings, it’s another matter entirely!
See, here’s one of the contributing factors in my situation; every time that I’m wanting to get the taxes done, I can’t afford an accountant, and I’ve got almost a phobia of tax forms. It’s kind of ridiculous, I know…I don’t have anything to hide or anything, I’m not even claiming things as tax writeoffs that everyone tells me I could be claiming.
Get someone you know to recommend an accountant to you, then go talk to him. I’ll wager that, if it’s pretty clear that you’ve got money coming back from the Feds and/or MN, the accountant will be happy to take his fee out of the refund, rather than demanding it up front. And we’re not talking about huge sums here, more like a few hundred (I know, if you don’t have it, it seems like a lot!). You’ll still come out way ahead financially, and you’ll sleep better.
I’ll second the sleeping better thing.