- March 2nd, 2013
- John Dillard
- IRS Representation, Back Taxes, Offer in Compromise, IRS Tax Problems, Tax Advocacy
IRS Tax Law has held/ruled for decades that refunds that are for old tax returns, for more than three years after their original due date, are not refundable to taxpayers. Conversely the IRS has ten years to assess and collect taxes for unpaid monies for ten years. Essentially tax law surrounding the “lost” status for refunds has remain unchanged for decades. Frequently I have prepared back taxes for taxpayers who are striving to get their old returns done and become and active, timely and compliant taxpayer.
Though when preparing old back tax returns one would prefer not to have a lot of taxes and attending penalties and interest assessed, it is often disheartening for a taxpayer to file a return that is over three years past due, only to learn that the otherwise refund they would be do, is lost, due to the three year statute of limitations.
Generally a refund claim is considered late if you filed the later of:
-Three years from the return due date of a timely filed and un-extended return.
-Three years from the date the IRS receives a late return or a timely filed, extended return.
It is always prudent to timely file and pay all tax returns as failure to do so can result in failure to file penalties, failure to pay penalties and additional assessed interest to add even of a more financial burden of what otherwise be due and payable. Working with a CPA who is focused on your future and not your past is a wise and judicious path to ensure tax and financial security.
To learn more about addressing IRS Tax Issues and Back Tax Returns visit http://www.hiscpa.com/working-with-the-irs.html
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