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Deductions & credits
the thing in the tax laws is if that you are due a refund there's a time limit for filing to get it. the opposite isn't true, since you owe the IRS, it can come after you at any time. meanwhile, penalties and interest would continue to accumulate. consult a tax pro. they can advise you as to what you are facing and can even inform you if they can write a letter to send with your returns to get some or all of the penalties abated (interest can't be abated). many times the IRS will abate first time penalties. they can not force you to file amended returns. you do need to take steps so this issue stops recurring. The longer it goes on the more likely the IRS is to catch it. they have taken many steps in other areas to catch misreporting.