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...
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Irs amnesty unfiled returns Form: What You Should Know
Apr 17, 2023 — IRS is implementing Streamlined Filing Compliance Procedures for 2023 filing periods due to a change in international tax rules. Tax filing extension: Taxpayers may file for an extension of the due date Aug 29, 2023 — Taxpayers can get an extension of the due date for tax returns, but should not wait until the last minute to file unless it is an emergency. Apr 8, 2023 — Taxpayers may obtain an extended due date for their returns if they filed before the due date on the notice date and timely paid all taxes due. Taxpayers will not be liable for penalties under certain income tax laws: The IRS will no longer impose penalties for failure to file tax returns on time Oct 5, 2023 — Taxpayers with noncompliance with a certain federal estate or gift tax law—for example, if a transferor had an estate or gift tax exemption greater than 675,000, but a transfer recipient did not have an exemption—are liable for the least of the least of the tax due or the penalty for noncompliance. IRS tax preparer's code changes: The Federal Income Tax Act provides specific rules for tax preparers so the IRS is now changing its regulations on tax preparers. Oct 27, 2023 — IRS, in consultation with the industry, will update its regulations concerning tax preparers. IRS says preparers must continue to provide refunds of taxes assessed Oct 28, 2023 — Taxpayers who may have had refunds improperly withheld from their accounts may receive them beginning in 2023 under IRS guidance regarding the processing of tax returns for 2023 tax year under the revised rules, effective for 2019. Sep 13, 2023 — The IRS is clarifying that certain tax returns provided by a tax agent on behalf of an employer are not subject to the penalties applicable to employees for failures to file tax returns. Form 1099-C: What are Form 1099-C, and how do I use them? Jul 26, 2023 — Form 1099-C is a notice of income provided to your employer by a third-party tax preparation company for a payment made by your employer.
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