QUESTION
What should I do when filing for back taxes?
Asked on Jul 20th, 2011 on Taxation - Illinois
More details to this question:
I have a friend that is needing to file about 5 years of back taxes and lost all his records (except bank statements as they are on file at the banks) in a house fire that took place late December 1year ago. What needs to be done to get this accomplished. He could enter all bank info for each month and approximate expenditures or should he just contact IRS Rep and try to do a blanket settlement?
1 ANSWER
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The IRS cannot and will not make a "blanket settlement" without the tax returns being filed. Your friend should prepare and file them based on available records. He should be careful, however, about claiming any deductible expenses that cannot be supported with evidence.
Answered on Jul 22nd, 2011 at 1:40 PM