You could be audited – not because your return is late, but because the IRS thinks the return has errors Here’s more about what happens when you file back tax returns. Learn how to file back tax returns with the IRS. If you haven’t met that obligation, you should get back into good standing with the IRS. Remember, the law says you must file all required tax returns. Good news: There’s no penalty on a return with a refund (or zero tax balance), so don’t delay if you want that refund! What to expect when you start filing again To get your refund, you have to file the return within three years of the due date. If you were supposed to get a refund with the late return, you could lose the refund depending on how late you file. The IRS will also charge you interest until you pay off the balance. The penalty for filing late is 5% of the taxes you owe per month for the first five months – up to 25% of your tax bill. The government can hit you with civil and even criminal penalties for failing to file your return. The law requires you to file every year that you have a filing requirement. When evaluating the costs of not filing your return, know these facts: 1. Let’s break down the reality of the situation when you have unfiled back tax returns – and exactly what to do about it to avoid potential issues related to tax evasion - a serious issue. “Why should I file again? Is the problem just getting worse while I ignore it?”.“What will happen if I start filing again?”.“If I missed filing a tax return, am I better off just not filing ever again? Maybe the IRS won’t notice.”.Every year, millions of people ask themselves these questions.
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