Entities such as trusts and exempt organizations face penalties for failing to meet disclosure deadlines or file tax returns. A tax professional qualified with the necessary and required knowledge and experience may assist all taxpayers, whether an individual or business, meet all requirements related to filing and disclosure. Hopefully, this occurs well before any deadline, but even if delinquent, a tax professional’s assistance is valuable, perhaps even more so at this point in time.
You Owe Taxes On Your Returns – To File Or Not To File?
So you owe taxes and you haven’t filed yet, is there any advantage in waiting or should you file as soon as possible? If your current financial situation is precariously stressed, should you wait until you obtain the necessary funds to pay any taxes due?
Taxpayers that have failed to file tax returns for some extended period of time should file them immediately. Even if taxpayers have filed for an extension, time is of the essence to avoid costly penalties assessed by the IRS. When taxpayers do not file by the April 15th deadline, the IRS assesses failure to file (FTF) and failure to pay (FTP) penalties.