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If you fail to file, the IRS may file a substitute return for you. This return might not give you credit for deductions and exemptions you may be entitled to receive. This is generated based on third-party information provided to the IRS. This typically includes income information derived from a W-2 or 1099. It will not, however, include any tax credits or deductions you may be eligible to receive. Additionally, the IRS will use the filing status of single or married filing separately and only take the standard deduction. It will not itemize. This may lead to a much higher tax liability than if you had filed on your own.
The Substitute for Return process begins when the IRS receives information that you may have a filing obligation but there’s no record of your return in its system. You’ll receive IRS Notice CP2566, alerting you that the IRS calculated your taxes (including interest and penalties) based on wages and other income reported to them. You will then have 30 days to resolve this.
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Estimates based on prior results; individual results will vary based on circumstances, including your ability to provide Ideal Tax with information that is accurate and timely. We do not guarantee that your tax liabilities will be lowered by a specific amount or percentage, that your tax liability will be paid off within a specific period of time or guarantee you will qualify for any IRS programs. Penalties and interest will continue to accrue until your tax liability is paid in full to the IRS. Ideal Tax is a tax resolution firm independent from the IRS. We do not assume tax liability, make payments to creditors or provide tax, bankruptcy, accounting or legal advice. By providing your contact information, you expressly consent to receiving calls and/or SMS text messages at the number you provided as part of our service offerings, including but not limited to advertisements, solicitations, and service updates. The phone number belonging to the called/messaged person(s) could incur charges for such contact. Read and understand all program materials prior to enrollment. Not available in all states.
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