Legal Question in Tax Law in New Jersey
Income Tax Filling.
I am way behind on my income tax,i would say about 4yrs behind.My problem is mostly due too hardship.At this time i am taking care of a wife,stepdaughter,and sometimes a mother-n-law.I want to know what is the dead line for filing taxes from years back and is their some way that the Irs will drop the peanalty and interest that's atached to delinquent income tax returns.
2 Answers from Attorneys
Re: Income Tax Filling.
You need to get the returns filed before the IRS comes after you. First, it is possible that you are actually owed money, and you lose your right to claim a refund after three years from the tax year in question. Moreover, you run the risk of a criminal investigation for tax evasion if you don't approach the IRS first.
Filing the returns is the key. Once you have done that, you can seek to compromise any amount that you cannot pay by filing an "offer in compromise" -- you must be in full compliance with your return filing obligations in order to request a compromise. Get a good accountant (you don't really need a lawyer at this point), make sure that he is a Certified Public Accountant ("CPA") rather than a self-styled "tax preparer" or "accountant" (lots of these folks around).
Best wishes,
LDWG
Re: Income Tax Filling.
see www.taxworkout.com
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