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Video instructions and help with filling out and completing irs amnesty unfiled returns
Let's talk about unfiled tax returns basically what has happened is that you've got a time to turn that you're supposed to file if it's an individual tax return you're supposed to follow by April 15th of the calendar year following the year that you're filing taxes for if it's an employment tax like an unfiled 941 employers quarterly return or a 940 at the end of the year which is your employer's annual return you're supposed to send these both into iris know the IRS deals with both of them the exact same way if you don't mail them in eventually they're going to contact you and say hey you've not followed a tax return either it's an individual or business I'm going to deal with them both the same way for this discussion so what happens is they're going to mail you a letter and they're going to say have you not filed your tax return we need to receive it within the next 30 days another letter is going to come and another letter is going to come then you're gonna get a final letter that's going to say something to the effect that if we don't receive a notice from you a letter with you from you with your tax return information within the next 30 days they're going to propose an assessment and that assessment basically means they're gonna take whatever information they can find for you and they're going to create an estimated tax return on your behalf they're going to create a tax base from it and a tax assessment a tax assessment and what's going to happen is they're going to start charging you interest and penalties off of that amount and then it will take aggressive actions to collect those funds so first let me talk about the individual tax return what will happen is if you don't file a return after about a year or two typically at two years they're gonna mail you those letters if you don't respond they're gonna go to the record and they will know for every 941 I'm seeing none I for one never look for your w-2s and 1099s and they're going to say this person made $50,000 they're going to take that $50,000 they're gonna place it into the tax table at the highest marginal rate typically 25 to 28 percent and that's gonna be the amount of tax that they're going to assume that you owe then they're going to start aggressively coming after you to collect that tax now if you are a business owner and you have 941 employers quarterly tax returns or ones that you file every three months or the annual unemployment return which is a 940 they do the exact same thing they'll mail you some letters if you don't respond they'll create a tax assessment from some estimating some estimated information now for businesses is slightly different they'll either go back and look at