This week I had seven different phone appointments in complete shock when they had seen my youtube video talking about only needing to file for six years to become compliant.
They ranged from someone who hasn’t filed in 20 years and the others between 10-16 years of non-filing.
They have been told by other tax people they had to file all the missing years. So they were happy to hear about what I am going to explain.
The Internal Revenue Service (IRS) offers a special form of relief to individuals who have not filed their tax returns in the past.
These individuals are referred to as non-filers, and the IRS is now giving them an opportunity to become compliant without having to file tax returns for more than six years.
This special relief is intended to encourage non-filers to come forward and comply with IRS regulations to avoid any future issues with their taxes.
How Does It Work?
The IRS has been providing this form of relief since 2018. Non-filers only need to file their taxes for the past six years—not more than that—in order to become compliant with IRS regulations. This means that those who have not filed their taxes for more than six years do not need to go back and file those returns in order to be considered compliant. However, it is important to note that taxpayers may still be liable for any penalties or fees associated with late filing or late payments during those years if they choose not to file these returns.
Benefits of Becoming Compliant
By taking advantage of this relief, non-filers can become compliant with the IRS and avoid any future issues with their taxes. They will also be able to take advantage of certain credits, deductions, and other benefits that are only available if you are up-to-date on your taxes. Additionally, non-filers can prevent themselves from being subjected to potential criminal prosecution or civil actions by the government due to failure to comply with federal income tax laws.
The Internal Revenue Service (IRS) is offering a special form of relief for self employed individuals who have not filed their tax returns in the past. This relief allows non-filers who have not filed their taxes for the past six years will be considered compliant with IRS regulations once they file these returns. By taking advantage of this relief, non-filers can become compliant with the IRS and avoid any future issues with their taxes while accessing certain credits, deductions, and other benefits offered by filing timely. If you’re a self employed individual who hasn’t filed your taxes in some time, now might be a great time take advantage of this opportunity offered by the IRS!
Yes, those phone appointments all became clients and we are getting them back into compliance and their financial lives back in order!
Until Next Time,
Carlos Samaniego EA