Don’t Plan On Filing? Prepare For The Ghost Return

irs-ghost

If you do not file your tax return, the Internal Revenue Service will eventually do it for you. Seems kind and considerate, right? Not so fast.

If you have years of unfiled tax returns, the I.R.S. will file a “Substitute For Return” (SFR) on your behalf – but in doing so, they use data from the income side, AND leave out any items that may offset that income. This means that the I.R.S. will not look for any deductions whatsoever – how would they know your deductions? Find out these details, and more, by getting your IRS Account Transcript professionally examined.

Read the full article via NYTimes.com

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