The most common type of tax return is the Individual Tax Return, and millions of taxpayers fail to file it on time. It’s due by April 15th of the following tax year – or, if extended, it’s due August 15th.
It doesn’t matter to the IRS if you’ve failed to file for one year – or ten. It won’t be viewed any differently by them. After a point, late is late.
The issue here is that you’ll owe more money in penalties and interest the longer it’s been since you’ve filed. Most taxpayers who find themselves in this situation are never able to pay the total amount they owe. (Don’t get hung up on how much you’ll owe. We’ll deal with that later.
First, you must prepare all un-filed tax returns and get them filed with the IRS – as soon as possible. In most situations, filing un-filed tax returns with the IRS will reduce the likelihood of criminal prosecution.