Joshua Dietz

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NON-Filers’ NoTICE FROM IRS

Check out this great video

IRS focusing on taxpayers who have not filed tax returns

     For  many,  Non-Filing  Taxpayers  sound  like  employees  who  may  not  have  finalized  their  yearly  tax  requirements  by  merely  failing  to  file  their  tax  returns. 


     Unfortunately,  that  is  not  necessarily  always  the  case.  If  you  think  about  it,  the  IRS  already  has  their  income  taxes,  withdrawn by  their  employers,  from  each  compensation  period.  The  IRS,  presumably, would  want  to  dedicate  their  time  where  a benefit  from  their  efforts  will  most  likely  be  received. 


     In  our  company,  we  focus  on  working  with  Individuals,  who  have  additional  investment  scenarios.  These  additional  investments  may  include,  but  are  not  necessarily  limited  to:  Real  Estate,  Day  Trading  Securities,  Options, FOREX,  Cryptocurrency. We  also  work  with  Business  Owners  and  Small Businesses.


     It  is  in  these  three  categories  where  we  see  many  taxpayers  who  need  to  catch  up  on  their  tax  return  filing  requirements.


     The  more  common  reason  we  hear,  why  these  categories  of  taxpayers,  our  new  clients,  have  not  filed  their  tax  returns,  is  the  complexity  of information  and  not  having  certainty  of  which  tax  professional  is  knowledgeable  about  handling  these  matters. 



FS-2020-02, February 2020


“The Internal Revenue Service announced it will visit more taxpayers who haven't filed tax returns for prior years in an effort to increase tax compliance and further enforce the law. In addition, the IRS is increasing the use of data analytics, research and new compliance strategies, including personal visits, to reach taxpayers and tax return preparers who have not filed federal tax returns.


The goal of these strategies is to bring delinquent taxpayers into compliance with their filing and payment tax obligations and promote future tax compliance.


To further promote voluntary compliance with tax laws, the IRS is also using new ways to leverage existing processes and systems, including:


  • Increase the identification and case creation for individual and business non-filers. New cases will be assigned to IRS employees for appropriate resolution.
     
  • Automated Substitute for Return program (ASFR). This affects individual taxpayers who have not filed tax returns, but whose available income information shared with the IRS indicates a significant income tax liability. As part of the ASFR program, the IRS sends notices to these taxpayers alerting them to the potential liability.
     
  • Automated 6020(b) process. Promotes employment tax filing compliance by identifying business taxpayers with employment tax requirements who have not filed for a specific period. Ensuring businesses comply with their employment tax filing and payment requirements is another priority for the IRS.
     
  • Delinquent Return Refund Hold program (DRRH). Systemically holds an individual taxpayer's income tax refund when their account has at least one unfiled tax return within the five years surrounding that return.


In addition, the IRS is also working with key partners to better educate taxpayers and tax professionals on filing requirements.


The IRS reminds taxpayers that many non-filers are actually owed refunds, and they are also encouraged to look into filing their tax returns. The deadline for claiming refunds on 2016 tax returns is April 15, 2020.


For taxpayers who haven't filed in previous years, the IRS has current and prior year tax forms and instructions available on the IRS.gov Forms and Publications page or by calling toll-free 800-TAX-FORM (800-829-3676).


Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 should request copies from their employer, bank or other payer. Those who are unable to obtain these missing forms can order a free wage and income transcript at IRS.gov using the Get Transcript Online tool. Alternatively, taxpayers can file Form 4506-T to request a wage and income transcript. This transcript shows data from information returns received by the IRS, such as Forms W-2, 1099, 1098, Form 5498 and IRA contribution information. Taxpayers can use the information from the transcript to file their tax return.


Visit IRS.gov for information on options for paying now and options for taxpayers who can't pay now.”


FS-2020-02, February 2020,  at  https://www.irs.gov/newsroom/irs-increasing-focus-on-taxpayers-who-have-not-filed-tax-return

  

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