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If anyone you know has failed to file tax returns when due, here's important news: IRS wants nonfilers back on the rolls. IRS isn't offering amnesty, but it is leaning toward giving favorable
treatment to nonfilers who come forward voluntarily.
Many nonfilers missed filing for several years, especially when living abroad, and now are afraid to re-enter the tax system. But in fact, taxpayers who file overdue returns on their own are often
treated reasonably well, much better than those who are caught.
For taxpayers who can't pay their entire tax bill at once, there's an installment payment option. Taxpayers can request an installment agreement for up to $10,000 without filing a
financial statement.
If you do not file a tax return, that return year remains open for IRS audit indefinitely, and you may lose the benefits of exemptions and treaty benefits for not filing on a timely basis. Once a return is
filed, however, IRS has three years in which to audit it. After that, the return is final. If no return is filed, there's no statute of limitations. IRS can come after the taxpayer at any
time, even many years later.
Some nonfilers are actually entitled to refunds. But if they fail to file within three years from the due date of the return, they'll lose the refund.
Our office can help nonfilers to file the necessary returns and take advantage of the available IRS programs. Now's the time to seize this opportunity. IRS may not
be in such a charitable mood in the future.
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