Handling taxes can feel overwhelming, especially if you’ve forgotten or postponed filing and missed the deadline. Don’t worry—you’re not alone, and it’s not too late to get back on track.
While the 2021 tax season is long behind us, unfiled taxes can lead to complications with the IRS, such as penalties, interest, and even enforcement actions. Luckily, the IRS provides options to help taxpayers manage late filings and address outstanding issues, but navigating this process can be confusing, stressful, and time-consuming without proper guidance.
At Paramount, we specialize in helping individuals and businesses in Las Vegas manage everything tax-related, including late filing. Our team of professionals will guide you through every step of the process, from understanding your options to submitting your forms, ensuring everything is handled accurately and efficiently.
Here are a few things to understand about 2021 late tax filings and unclaimed returns:
IRS Notices: If you missed the 2021 tax filing deadline, the IRS may have already sent notices or warnings regarding your unfiled return. These notices are critical, as they may include required actions and specific due dates.
Filing for Refund: If you were owed a refund for your 2021 taxes, it’s not too late to claim it! The IRS allows a three-year window to file and collect your refund. For 2021 returns, this means you have until April 2025 to file.
No Penalties: If you don’t owe the IRS any money, you won’t face penalties for filing late. However, it’s still better to file sooner rather than later to ensure you don’t miss the chance to claim your refund.
Claim Tax Credits and Deductions: Late filers may still be eligible for certain tax credits or deductions. Filing your 2021 taxes allows you to take full advantage of benefits like the Earned Income Tax Credit (EITC) or Child Tax Credit, which could significantly increase your refund amount.
If You Owe The IRS Money and You Haven’t Filed
Failing to file your taxes when you owe the IRS money has serious consequences. Here’s what you need to know about the potential penalties and actions the IRS can take:
FTF and FTP Penalties
Failure to File Penalty (FTF): If you owe money and haven’t filed your tax return, the IRS imposes a failure-to-file penalty of 5% per month on unpaid taxes, up to a maximum of 25% of the total taxes owed. Even if you owe a small amount, this penalty can quickly add up.
Failure to Pay Penalty: In addition to the failure-to-file penalty, the IRS also charges a failure-to-pay penalty if taxes remain unpaid after filing. This penalty accrues at a rate of 0.5% per month of the unpaid balance and continues until the taxes are paid in full.
Together, FTF and FTP penalties can significantly increase the amount you owe
Additional Consequences
IRS Filing for You: If you fail to file your taxes, the IRS may step in and file a substitute return on your behalf. While this might sound helpful, it can result in much higher tax liability. The IRS will not take into account deductions, credits, or exemptions that you might be eligible for.
Debt Collection: When unpaid taxes continue to grow, the IRS may escalate collection efforts. This can include actions like seizing property, wage garnishments, and even freezing bank accounts.
If you’re worried about the money you owe for 2021 taxes, contact a professional tax company like Paramount as soon as possible. Advisors can help you explore options like setting up payment plans and negotiating penalty reductions.
Impact of COVID-19 and Relief Programs
The COVID-19 pandemic significantly affected tax processes in 2021. Here's how these changes might impact you:
Tax Filing Delays: In response to the pandemic, the IRS extended several filing deadlines in 2020 and 2021 to give taxpayers more time to submit their returns. Late filers may still be impacted by these changes depending on their circumstances.
Stimulus Payments: If you missed claiming stimulus payments, also known as Economic Impact Payments, or other relief credits on your 2021 return, you might still be eligible to receive them. Filing your taxes, even if you are filing late, allows you to claim these benefits if you qualify.
Penalties for Late Filing: While some relief programs postponed deadlines, penalties for late filing or payments may still apply. However, the IRS has provided certain leniency for individuals affected by COVID-related problems.
Possible Payment Extensions: Taxpayers facing financial difficulties due to COVID-19 can request extensions or set up payment plans for overdue taxes. The IRS offers multiple options to assist those unable to pay their tax liabilities.
For more information about COVID-19 tax relief for 2020 or 2021, visit the IRS website or reach out to the Paramount team. We’d be happy to answer any questions you may have or provide additional information.
Get Back in Good Standing with the IRS
If you’ve fallen behind on your 2021 tax filing, the Paramount Tax & Bookkeeping in Las Vegas team can help you get back on track. Whether you’re owed a refund or need assistance managing your payments to the IRS, we’ll provide personalized, accurate, and efficient tax advice and services tailored to your needs.
At Paramount, we’ve successfully helped countless clients resolve late tax filing issues and restore their good standing with the IRS. We believe that transparency is key to achieving the best outcomes, and our team will address your tax situation with honesty, care, and expert knowledge.
Don’t wait to take action. Contact Paramount today for a consultation on your 2021 late tax filing in Las Vegas, NV.
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John is always very helpful and takes the stress of taxes away!
— Detail City Auto Spa,
Posted December 23rd 2024 on google
My first meeting with John was to fix the mistakes in my S/S taxes that my last accountant made, I have been coming here since.
John has given me the personalized help that I need for my personal and business taxes that I have not gotten before. It has been a pleasure working with John.
I’m big on reviews and when I read about paramount taxes thought I give John a go. It was sensitive talk for me considering I was filing taxes for my father who past away. John was very understanding, patient and helped guide me through this process. Thank you John for services I’ll be coming back to you next year.
Jon was so helpful and patient. I came in there completely lost and left feeling so much clarity on my taxes for not just previous years but also how to handle them better for years to come. I tried filing my own small business taxes on TurboTax last year and completely messed everything up, but Jon helped me clean up ...
John is fantastic! I highly recommend him. He's efficient and precise. He answered all of my questions extremely well in a way I could understand. Taxes are usually such a hassle and a dread, but I have walked out of that office feeling relieved again.
Excellent service. They are Knowledgeable, professional and caring! I mean it’s nice to see your accountants spend hours working on your taxes to save you money. Highly recommended
John Williams has been great for me since joining him at Paramount Tax. He answered and addressed all my concerns and got me set up with a team that is assisting me for all my business needs reducing my stress for all accounting and tax issues that I had with my previous company. He's knowledgeable and easy to work wit...
I filed (late) my taxes with John and he was very patient and accommodating to my busy schedule. The process was easy and all communication was done through phone, text and email. Would definitely recommend him if you need your taxes done.
— Tiffany Ramirez,
Posted September 2nd 2023 on google
Awesome experience with John, explained everything in detail. Nothing was ever an issue for him to handle. John has always been welcoming and willing to help. Living out of state John was able to handle the process I needed remotely. Thank you!
John is just Outstanding!! He goes way out of his way doesn't matter how late to get the job done! He saved me much money and helped us find it other areas to gain back in taxes... Is extremely good, has become a great friend and I am glad to refer everybody that I can to him. I only wish I knew him over the last 10 ye...
My husband and I have been clients of Paramoumt for the past eight yrears. Unfortunately, MULTIPLE negative experiences with our "then" tax firm, from our preparer quitting and the next two dying, with no notification or taking over of our return by any one, at a firm where multiple tax professionals were employed, apt...
— Kimisha Crisp-Brain,
Posted June 7th 2023 on google
I feel very fortunate to have found Paramount Tax to prepare my taxes this year. I have worked with other companies in the past, but the level of service I received from John excelled far beyond the others. He was patient, diligent, and very transparent. No fancy bells, or whistles - just an easy going guy who works ha...
— Jennifer Comfort,
Posted June 6th 2023 on google
Got an appointment right away and John Williams took the time to speak with me over the weekend for a long period of time so I went in prepared with no surprises. And I had to bring my 15 month old Thanks !!
I highly recommend John at Paramount Tax. He is a Tax expert that will guide you every step of the way. He is professional and exceeded my expectations.
Many people do not know how a professional tax firm differs from a tax preparer. The main difference when working with a professional tax and accountingbookkeeping firm, such as Paramount Tax & Accounting in Las Vegas, is that we know taxes!
Paramount has worked hard to create relationships to deliver the value that our clients expect. In fact, our goal is to be the No. 1 Late Tax Filing firm in Las Vegas. So when you ask yourself, "Where can I find accountingbookkeeping services near me?"... think no further than Paramount Tax & Accounting in Las Vegas!
Whether you are filing personal taxes or you own a business, if you are not already using a professional tax and accountingbookkeeping firm, you have most likely already missed out on major tax benefits, deductions and credits. This is because a professional tax and accountingbookkeeping firm utilizes licensed professionals, who can not only advise individuals on personal financial matters but who are qualified to advise businesses, financial institutions, nonprofit organizations and government agencies on a wide range of financial topics.
Our strict standards ensure that we understand the complicated tax laws and how to implement strategies that return the most benefits to individuals and businesses. Give Paramount Tax & Accounting in Las Vegas a call or visit our
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