This week, hosts Tim Regan and Katie Umland tackle a topic that makes many people sweat: what happens if you need to file back taxes, or if you discover errors on your tax return? The conversation begins by normalizing the stress and anxiety many feel about tax delinquency, and moves through practical advice for getting caught up, correcting mistakes, and understanding the real consequences.

“There's nothing that is that way, that there's like the dreadful stuff that gets better by waiting,” Tim points out.

The hosts explain why the best time to resolve old tax issues is always now, not later, and reassure listeners that accountants are equipped to guide clients through fixing past tax filings, no matter how daunting the paperwork may seem. They also demystify the IRS process for correcting errors, clarifying that most individuals simply receive letters—rarely is there any punitive action unless fraud is involved.

Plus, the episode covers the distinctions between “filing an old return” and “back taxes,” why filing for extensions is a common practice for both individuals and businesses, and how to approach amended returns without fear of audits.

Tune in for stories, guidance, and encouragement to rip the Band-Aid off and tackle tax concerns head-on.

3 Key Takeaways
- Filing overdue tax returns is more common than people realize, and addressing them sooner is always easier than waiting.
- Mistakes on a tax return typically result in notifications and opportunities to correct, not criminal consequences—unless fraud is involved.
- Filing an extension for your return is a common, acceptable practice, but it does not delay tax payments; not filing at all leads to penalties and compounding stress.

Click play to learn what to do if you’re behind on taxes or worried about filing errors, and visit pv-wp.com for additional resources and previous episodes.

#92: Navigating Back Taxes and Filing Mistakes for Retirement Readiness