By Lynne Adkins
PHILADELPHIA (CBS) – A new tax season is underway and if you haven’t filed for years, it’s not too late to come clean with the IRS.
Russell Hauer a CPA from Conshohocken says he finds three main reasons why people don’t file their tax returns.
“They either owe money and don’t have it to pay or they had a change of circumstance they just didn’t focus on it — husband died, wife died, somebody in the family had cancer, you know like a variety of reasons — some are just lazy and just didn’t get to it.”
If you owe taxes you’ll have to pay what you owe along with interest and penalties and he says that adds up quickly, but you may be able to work out a payment plan with the IRS.
If you are owed money and haven’t filed, you have three years to do that or the cash is gone.
Best advice: file your return even if you don’t have the money to pay what you owe, it may be possible to work out the details later.