DIDN’T FILE BACK TAX RETURNS? DO IT NOW
Facing the back tax returns can sometimes overwhelm people. Many taxpayers, be it individuals and businesses, balk at the word ‘back tax returns’ because they owe Uncle Sam which quickly escalates as interest and penalties are assessed. Many taxpayers, be it individuals and businesses live in constant fear assuming the worst (most of the time in a dramatic way). Most of the time they just wait for the ‘back tax returns tsunami’ take over them or thinking that these problems will just go away. But that is not so. Tax problems do not just go away. These problems have to be faced head on because you never know that the problems you are tackling might just be an imagination or even worse bring you face to face with the dreaded IRS. Let’s just look at the pointers below to have a basic idea about what back tax returns are, what happens when you face them and so on.