Many people are relieved to see 2016 in their rearview mirror and are looking forward to the many possibilities that 2017 has to offer. One of the certainties of the new year is that we will all have to file our state and federal income tax returns by Tuesday, April 18.
The Internal Revenue Service says the tax filing season begins in a few weeks on Jan. 23. That is when taxpayers can begin submitting electronic tax returns — the first of many millions the agency expects to receive throughout the year.
According to Accounting Today, the IRS says it processed just over 150 million returns in 2016. That was the largest number of returns ever. The income tax collected (through Nov. 23) was $1,416,834,888.
The largest group of taxpayers in 2016 was comprised of people with adjusted gross incomes of between $50,000 and $75,000, totaling 19,904,107 returns. The second largest group was made up of taxpayers pulling in $100,000 to $200,000: 18,291,156 returns.
Every year, some people will fail to file a federal tax return. For some, the failure to file will be due to turmoil in their lives, while for others it will involve oversight or a desire to put off paying the taxman. Whatever the reason, it is virtually certain that at some point they will hear from the IRS about the owed taxes.
In a few cases, the IRS will file criminal charges against people who have failed to file for a number of years. In most situations, the agency wants to work things out and see a return to compliance.
The experienced tax attorneys at Robert J. Fedor, Esq., L.L.C. can help you contact the IRS, negotiate terms, file returns and more.