One sixth of Americans will contribute to tax gap for 2010 tax year

On Monday, April 18, at 11:50 pm EDT, the U.S. tax filing deadline passed and estimates show that over 16 percent of Americans will have failed to file their 2010 federal tax returns, report their full income, or pay their full 2010 tax liability, costing the federal government upwards of $490 billion in revenue for the 2010 tax year.

"During a time of contentious fiscal debate in Washington, D.C. over the mounting deficit and needed funding for our country, it is not only the legal obligation of taxpayers but perhaps their most important patriotic duty to pay the IRS the money they legally owe," said Patrick Cox, CEO of TaxMasters, a publicly-traded tax compliance and repayment services provider.

Cox adds, "Although tax filing can be a stressful and time-consuming process, taxpayers need to remember that their returns support our soldiers fighting overseas, pay for police and fire programs in our communities, and provide us with the clean water and utilities we often take for granted. By choosing not to pay taxes and comply with IRS guidelines, these free riders are costing us all."

TaxMasters advises those who have missed the April 18th deadline to contact a local CPA or tax representative to help prepare your returns and promptly file with the correct deductions and statements, in order to help avoid any further penalties or interest. If you have not filed in three or more years, or are being contacted directly by an IRS collection agency for significant amounts owed, TaxMasters recommends seeking professional help from a tax representation firm.

"If you choose to take on the IRS independently, they will assume you know all of your options and hold you accountable for whatever you agree to. A tax representative can ask the questions and execute on options you might not be aware of," says Cox. "The best strategy is to get your files in order months before the filing deadline and stay in compliance with the IRS, to help not only your own financial future, but the well being of the country."
 

You may like these other stories...

OECD calls for coordinated fight against corporate tax avoidanceDavid Jolly of the New York Times reported that dozens of countries with the most advanced economies have agreed on principles for concrete action to prevent...
Plan ahead before you buy some shares in a stock mutual fund near yearend, when the fund is about to pay a dividend. It might be better to wait until after the fund goes "ex-dividend," that is, wait until after the...
AgFeed agrees to pay $18 million to settle SEC accounting fraud caseMichael Rapoport of the Wall Street Journal reported on Monday that AgFeed Industries Inc. has agreed to pay $18 million to settle US Securities and...

Already a member? log in here.

Upcoming CPE Webinars

Sep 18
In this course, Amber Setter will shine the light on different types of leadership behavior- an integral part of everyone's career.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.