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 neglect are a 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 that this problem can be paralyzing, and often seems impossible to tackle as time goes on. Fortunately, there are options to solving the problem of unfiled tax returns, and we are here to help.

The IRS keeps a directory of all W2’s, 1099’s and 1098’s filed in the name of each taxpayer, going back several years. Five Stone Tax Advisers can discover precise details from Master File Transcripts for applicable years where the IRS prepared a Substitute Return. These ‘records of account’ supply Adjusted Gross Income, Taxable Income, Tax, Number of Exemptions, Filing Status and Self Employment Tax. When we handle a case like this, we will help re-file your returns based on negotiations that are more beneficial to you.

Our trusted, experienced tax professionals can prepare prior year tax returns and will use alternative sources when files cannot be found. Returns should be filed as soon as possible to prevent acquiring compounding interest. If returns for the three most recent tax years have not been filed, those returns need to 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 you are able, as to help you get the best possible outcome.