I Forgot About Tax Day. What Should I Do?

Tax Day has come and gone. If you forgot to file your federal income tax return by April 15, 2025, you are not alone—but this does not mean that you can ignore your situation. The Internal Revenue Service (IRS) aggressively targets non-filers, and facing an audit when you haven’t filed a return can lead to substantial penalties. Learn more from Boston tax audit lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group:

What to Do if You Forgot About Tax Day

If you forgot about Tax Day, it is important that you take action promptly. You should not simply wait another year, and you should not wait to see if you get audited by the IRS. Here are just some of the reasons why:

• If you owe federal income tax, your unpaid balance began accruing interest on April 16, and it will continue accruing interest until you pay.
• If you owe federal income tax, you also began incurring penalties on April 16. Interest accrues on penalties as well—meaning that you could already owe significantly more than your unpaid income tax liability.
• Knowingly ignoring your outstanding liability can increase the risks you are facing, and while you currently have options available, many of these options will go away if the IRS initiates an audit of your returns.

The specific steps you should take if you didn’t file your annual return by April 15 depend on your individual circumstances. With this in mind, here are just a few of the potential options:

File a Delinquent Return

If you can afford to pay what you owe and you truly made a mistake in forgetting to file your taxes on time, your best option may be to file a delinquent return. You will need to be extremely careful to ensure that you take all of the necessary steps to properly file an accurate delinquent return, and you will want to determine if you qualify for first-time penalty abatement.

Seek a Tax Settlement or Submit an Offer in Compromise

If you cannot afford to pay what you owe, you may need to consider seeking a tax settlement or submitting an offer in compromise with your delinquent return. These are both options in different scenarios, and here, too, you need to ensure that you file appropriately.

File a Voluntary Disclosure

If there is a possibility that the IRS could accuse you of intentionally attempting to evade your federal tax liability, you may need to consider a voluntary disclosure. This requires an extremely careful approach, and, before you submit a voluntary disclosure, you need to ensure that this is the best option available under the circumstances at hand.

Request a Confidential Consultation with Boston Tax Audit Lawyer Kevin E. Thorn

Do you need to know more about your options for addressing a delinquent federal tax return? If so, we encourage you to contact us promptly. To request a confidential consultation with Boston tax audit lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, please call 617-692-2989 or inquire online today.