Tax Relief Expert Mike Habib States That Over Six Million Americans Have Unfiled Tax Returns as Per the IRS' Data

Pasadena, CA, April 18, 2010 --(PR.com)-- According to a recent report issued by the IRS, the number of taxpayers with unfiled tax returns is myriad in number around the country. It is high time to remind all those who have knowingly or unknowingly due to one reason or another have overlooked the importance of maintaining a genuine and filed tax history. The longer you extend and postpone your duty of paying taxes on time and get rid of your unfiled tax returns, you are actually inviting unnecessary troubles and the consequences being even worse.

You might be eager to know what exactly happens when you don’t file your taxes, says Mike Habib, an Enrolled Agent. The IRS actively maintain records of all those who fail to pay or file their taxes for over a year or more as a non-filer. You cannot escape the eyes of law as the system of maintaining tax records at the IRS is very strong and it would be a matter of shame for you having your name in the list of non-filers. A mapping between your w-2’s and 1099’s is done by a fool-proof secure computerized system by the IRS, and it sends notices one after another to those who have not paid their taxes or procrastinated the back taxes. You could as well face a long list of problems like:

· Penalties and possible accusation of crime- Now this could be the worst that could happen in your life; you being charged of criminal offence. If you owe any unpaid taxes to the IRS, they will take lawful steps against you if you fail to comply.
· Tax Debt bound to grow- There could be chances of IRS filing a return for you. This could turn out to be disastrous if you counter certain credits and deductions. Your debt to IRS would actually increase putting you in trouble.
· Bankruptcy cannot help- You cannot do anything through bankruptcy having a bad tax file history. Also, you could lose the refund amount which you were due while you paid your taxes properly.
· Loss of Earned Income Tax Credit- EITC is a refundable income tax credit for middle class individuals with an average income. The EITC amount accumulated in your account after satisfying a list of terms and conditions could slip out of your hands, as filing a tax return is a compulsory condition to avail the credits.

It’s better late than never to file your tax returns. If you have missed the deadline of April 15th, you could still file your back taxes and get compliant today. For more information on ways to tackle old unfiled tax returns, visit our website www.myirstaxrelief.com.

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