UNFILED TAX RETURNS AND BACK TAX HELP
UNFILED TAX RETURNS AND BACK TAX HELP
For years you haven’t filed any tax returns, did you not file your returns because you couldn’t pay the taxes owed? You’re not alone! Businesses and individual taxpayers earning money are required to file tax returns each year. Failure to file can cause huge problems. Repercussions of delinquent tax returns can pop up years later, even when you’ve forgotten about them. Failure to file one year can cause the CRA to keep a refund you are owed for the next year as well! Other consequences are much more serious. Don’t wait for the CRA to contact you, and don’t let the CRA prepare a return for you, it’s not in your best interest. They will use the highest tax rate when they prepare your unfiled delinquent tax returns for you.
If the CRA has not yet notified you, they will catch up to you sooner or later. Computers are becoming more sophisticated with technology and the sharing of data. The CRA may also seek to impose a criminal offense for failure to file tax returns as required as shown in those tax court cases.
Delinquent tax returns should be filed immediately, even if you cannot afford to pay the taxes owed. While filing delinquent returns without paying the bill will cause interest and penalties to begin accruing, failure to file on-time dramatically increases these penalties. These combined penalties can be a significant portion of the taxes owed! When you do file, you must prepare and file tax returns that are accurate and truthful as the returns will be examined by the CRA.
Get professional help right away to put a stop on your un-filed tax problems. We can guide you to becoming current with your tax return filing obligations. Depending on your circumstances, we may be able to negotiate with the CRA to waive the late filing penalties. So give us a call TODAY at 866-611-6482 to book your free no obligation consultation.