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.
Typically, the IRS can come after your business for failing to report income for up to 6 years after your filing if the amount is greater than 25% of your businessâs gross income. If you filed for a deduction for a bad debt or worthless security, the IRS suggests you keep your supporting tax records for 7 years. Under these circumstances, you may generally wish to retain your supportive records for at least 7 years. Employment Tax Records.