Frequently that taxpayers do not file tax returns for one or more years for various reasons. Missing all or a portion of their records, personal hardship and/or neglect are one of many reasons to fall behind. Fortunately there are ways to approach the problem of unfiled returns.
The I.R.S. maintains a file going back 6 years of all W2’s, 1099’s and 1098’s (mortgage interest paid) filed in the name of individual taxpayers. Anthem Tax Services can determine certain facts from Master File Transcripts, available for those years where the IRS has prepared a Substitute Return. These ‘records of account’ provide Adjusted Gross Income, Taxable Income, Tax, Number of Exemptions, Filing Status and Self Employment Tax. Missing business records can be determined in many cases by obtaining copies of bank statements for years past, as well as credit card statements. From that, it is possible to prepare a proper tax return today to resolve unfiled tax returns.
Anthem Tax Services can prepare past returns using various substitute sources when there are missing records. Those returns should be filed as soon as possible in order to avoid accumulated compounding interest.
Also, it should be noted that if returns have not been filed in the most recent three tax years, those returns should be prepared immediately in order to claim any refunds that may be due.