Past returns

[drdino]

W2 Client came as a Financial planning client but after initial meeting it was discovered that he has not filed his 2005,2006 or 2007 returns. He has only received a CP 501, verification of address form from the IRS. Should the past returns be prepared now and mailed in and let the IRS assess the penalty? Or is there a step that should be taken before that? He makes a considerable salary and would probably be able to cover the back tax and penalty.

Any help would be appreciated.

[MLINDER42]

W2 Client came as a Financial planning client but after initial meeting it was discovered that he has not filed his 2005,2006 or 2007 returns. He has only received a CP 501, verification of address form from the IRS. Should the past returns be prepared now and mailed in and let the IRS assess the penalty? Or is there a step that should be taken before that? He makes a considerable salary and would probably be able to cover the back tax and penalty.

Any help would be appreciated.

If you have the info I would I do the returns and mail them in.I always obtain a POA and get a transcript from the IRS to make sure I have all the info that they have.

[joanmcq]

The verification of address may be the precurser to the please file your returns notice. File ASAP.

[drdino]

It is

Thats why he called. The Cp 504 will be soon, I'm sure. Thanks all!