Penalties and interest are part of your âback taxes.â However, if you filed on time but did not pay in full, you will be subject only to the failure to pay penalty. Interest is charged on taxes not paid by the due date, even if you have an extension of time to file.Interest is also charged on penalties.he transcript will also identify years for which the IRS did not receive a filed tax return. Get information from IRS Publications and Forms. The IRS Publications have a great deal of information that you can use to resolve your âback taxâ issues.
Seven Years. Keep any tax return and documentation that includes a claim for deducting worthless securities for seven years. There you have it. Check back in a few days and I'll share a few more tips on what to keep indefinitely and how to keep your records organized and safe.
How long should I keep tax returns? In most cases, you should plan on keeping tax returns along with any supporting documents for a period of at least three years following the date you filed or the due date of your tax return, whichever is later. So for example, if you filed your 2015 tax return on February 1, 2016, you should have kept the return and supporting documents until at least April 15, 2017. What tax records should I keep? You should keep every tax return and supporting forms. This includes W-2s, 1099s, expense tracking, mileage logs if you itemize and other documents.