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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
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I am behind on filing taxes. I finally filed my state taxes

Customer Question

Hi there. I am behind on filing taxes. I finally filed my state taxes for california from 2011 as they put a lien on my account. I still haven't sent in federal for that year as I owe. Every year since then I have not filed. I am self employed and making very little as it is but I would like to get caught up. What kind of penalties will I receive? Is it more likely for the IRS to audit me for filing late?
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Customer: I have filed taxes for every year before 2011.
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Submitted: 7 months ago.
Category: Tax
Expert:  emc011075 replied 7 months ago.

Hi. My name is ***** ***** I will be happy to help you.

File the returns as soon as possible, even if you cannot pay immediately. You don't want the failure to file penalty to stop. IRS will not wait forever after the statute of limitation expires, they simply file a substitute return for you, using information they received from third parties like your employers, banks, investment companies, calculate your balance due and send you a bill.

Failure to file and failure to pay penalty can be up to 25%, in addition the interest will grow every days until you pay.

Expert:  emc011075 replied 7 months ago.

If you are self-employed and filing late, you have increased chance to be audited. But that just something you have to deal with. Waiting will just make it worse. If you are current on filing and you owe a huge amount you have other options like installment agreement or even offer in compromise. But you will have to get current and file all the missing returns.

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