Enrolled Agent/ Certified Tax Resolution Consultant.
Education & Training with FishCoin Tax Solutions IRS 00139079-EA
August 1, 2023 9:53 PM
Answer : It depends!
I represent taxpayers in New Hope, Minnesota and all the 50 states in the United State before all administrative levels – examination, collection, and appeals – of the Internal Revenue Service(IRS).
You may have some reasons to file additional years although most people are only required to go back the last 6 years for the IRS .
The most common reason to file back tax returns beyond that required is to reduce outstanding liabilities related to back taxes. In some cases, when a person fails to voluntarily file a tax return the IRS and Minnesota Department of Revenue will create a return on behalf of person called a Substitute for Return(SFR).
Substitute for Return filings often result in a higher balance than what would have been owed if a person filed the return on their own. Going back beyond the 6 years to file a return on a year for which a Substitute for Return has been filed can lower or even eliminate back taxes owed granting immediate tax debt relief.
Another common reason for filing federal tax returns beyond the 6-year requirement is to obtain more favorable credits for Social Security purposes.
Lastly, when a business as Net Operating Loss ( NOL) beyond the 6 year requirement that can used in reducing the tax liabilities in the 6 years tax return it might be worthwhile going back to file those years so that the NOL could be carried forward.
If you or someone you know has unfiled tax returns or some other federal or state tax issue such as Payroll, Sales tax, Please feel free to contact me using the information below.
Ph. (612) 516 5878
Fax (612) 516 5878
Email : email@example.com