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I received notification from the IRS in the mail that I owe

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for numerous years. I did...
I received notification from the IRS in the mail that I owe for numerous years. I did not file those years and am quite sure that if I did I would not have owed. What is my next step? In some cases they assessed a tax liability twice what I normally earn in a year.
Submitted: 2 years ago.Category: Tax
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Answered in 7 minutes by:
8/31/2015
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,256
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi,

... Your best bet here is to file those years so that you can show the withholding that was done, or estimated payment, OR the fact that if you sold something, it was sold for a small gain or even a loss.

...

When you don't file, the shystem simmply assumes that all sales were pure gain and that there was no withholding done at all.

...

It'll be some headache, BUT since both failure to file and failure to pay penalties (the two categories that essentially everything falls under) have as their basis, TAXES OWED, you 'll likely walk away with nothing owed at all.

...

let me know if you have questions

...

By the way, you can get copied of your tax return transcripts mailed out to you by going online and requesting them here:

http://www.irs.gov/Individuals/Get-Transcript

...

They say you'll receive in 5 to 10 days, by ordering online.

...

Be sure to choose tax ACCOUNT transcript; this shows all of the income items that they have for you, so you can verify or see what you need to address.

...

Again, let me know if you have questions

...

Lane

...

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,256
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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