Unfiled Tax Returns

Thousands of taxpayers have multiple years of unfiled returns, and we’ve found that individuals don’t file tax returns for a variety of reasons: missing personal records, economic or personal hardship, and simple neglect are just a few. It may seem like the easiest option at the time to not file your return; however, unfiled tax returns can lead to a long road ahead.

Not filing an overdue tax return can result in accruing penalties and interest, losing a potential refund, endangered Social Security benefits, and delayed or rejected loan approvals. We know this problem can feel overwhelming and often seems impossible to tackle as time goes on. Fortunately, there are options for resolving unfiled tax return issues, and we are here to help.

The IRS keeps a directory of all W-2s, 1099s, and 1098s filed in the name of each taxpayer, going back several years. Five Stone Tax Advisers can obtain precise details from Master File Transcripts for applicable years where the IRS prepared a Substitute Return. These “records of account” provide information such as Adjusted Gross Income, Taxable Income, Tax Amount, Number of Exemptions, Filing Status, and Self-Employment Tax. When we handle cases like this, we help refile your returns using strategies that are more beneficial to you.

Our trusted and experienced tax professionals can prepare prior-year tax returns and will use alternative sources when original records cannot be found. Returns should be filed as soon as possible to prevent accumulating interest and penalties. If returns for the three most recent tax years have not been filed, they should be prepared immediately in order to claim any potential refunds. For these reasons, it is critical to file any outstanding prior-year tax returns as soon as possible to achieve the best possible outcome.