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Late Taxes
Taxpayers who cannot afford the potential tax liability frequently become non-filers ( since they cannot afford the payments anyway). We believe that it is almost always in the best interest of the consumer to file, regardless of ability to pay. While the potential for criminal prosecution for failing to file a tax return is very small, the economic consequences are severe – there is a maximum 25% late filing penalty that can be applied to the tax. Combined with accruing interest, this penalty can add up to almost 50% of the original tax amount due. Our Tax Specialists will work with you to prepare and file historic returns, even if you no longer have the original records from the filing years.
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