Unfiled Tax Return Help
If you have unfiled tax returns, you may be wondering what to do. The IRS can impose penalties and interest on unfiled tax returns, so it is important to take action as soon as possible.
Penalties for Unfiled Tax Returns
The IRS can impose penalties for unfiled tax returns. The amount of the penalty depends on the number of years you have not filed and the reason why you did not file.
- Failure to file penalty: The failure to file penalty is 5% of the unpaid tax for each month that the return is late, up to a maximum of 25%.
- Failure to pay penalty: The failure to pay penalty is 0.5% of the unpaid tax for each month that the tax is late, up to a maximum of 25%.
Interest on Unpaid Taxes
The IRS also charges interest on unpaid taxes. The interest rate is currently 5%.
How to Get Help with Unfiled Tax Returns
If you have unfiled tax returns, you should take action as soon as possible. You can file your returns yourself, hire a tax professional, or contact the IRS for help.