There is always a way out and a better one than that of hiding from the IRS that only adds to up to one’s troubles. Here are a few steps you need to follow when you need to file a past return: You must have been the owner of the property and must have used that same property as your primary residence for at least 2 of the 5 years preceding the sale of the home. While this seems fair, what happened if you sold your home after only owning it for two years? In 2002, the IRS released new regulations that changed the original rules.

The IRS has been trumpeting its efforts to close the tax gap. Depending on the year, the agency estimates that between $300 and $450 billion dollars in tax revenue goes uncollected. One of the primary reasons is the underreporting of income by taxpayers. The email scam currently circulating uses this issue as its basis.

Not filing a tax return is a big deal. This does not mean that you are going to end up in jail soon enough. But it does mean that you are faced with a lot of extra work. In addition to taking care of your current tax situation, you must now file any past returns that you forgot about.

Those who are worried about their back taxes and getting in trouble should hire a professional. A tax professional can answer your questions, while also filing all of the past returns that you owe the IRS. If you have more than one unfiled tax return it is a good idea to hire a professional so you do not miss out on anything important.

Lothamer, founded by Jesse I. Lothamer J.D., C.P.A, has been offering tax related assistance for over 30 years to thousands of clients facing tax problems. The agency specializes in Tax Representation and Tax Problem Resolution and has offices across the State of Michigan

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