What is likely to happen and what's the time-frame in which these consequences would happen?
2006-09-02 14:03:50 · 6 answers · asked by Eric H 4 in Business & Finance ➔ Taxes ➔ United States
I screwed up and never mailed my 2003 taxes along with the 2K I owed. In 2005 they held my refund and charged me close to 1500 in penalties.
Yay me.
2006-09-02 20:13:58 · answer #1 · answered by Jim R 5 · 0⤊ 1⤋
You lack of payment may go unnoticed for a few years however, somewhere along the line it will trigger a flag in the "system". At that time, you'll probably receive a notice of your non-payment with options. Depending on how many years you neglected to pay your taxes will determine if an IRS agent intervenes and personally contacts you for a meeting to rectify the situation. Remember, they just want your money and will do just about anything to get it, fines, payroll garnishments, liens, taking your savings, etc. They don't really care much about your personal situation. If you are deep in debt, there are tax lawyers and certain consumer agencies who will help you settle with the IRS for pennies on the dollar. Your credit may suffer, but at least you run less of a chance of getting convicted for tax evasion and serving jail time...
2006-09-02 21:15:46 · answer #2 · answered by fla_dan 3 · 0⤊ 0⤋
Sounds like, we have a lot in common. Just when I decided to get my taxes done my sister went first, for 2 years she owes $60K.
Let me guess your 1099, you had to spend money to make money, and you didnt put any away because on a comission basis the income is easy come easy go. If that other answer for 3 years and jail time are accurate we could be pen pals.
2006-09-02 21:17:59 · answer #3 · answered by Jacque w 3 · 0⤊ 0⤋
The time frame is a veritable lottery of when you get caught and how quickly things proceed from there. If you don't pay and have no intention of paying, your future holds heavy fines and imprisonment.
2006-09-02 21:08:13 · answer #4 · answered by Rvn 5 · 0⤊ 0⤋
It's called Tax Evasion and it's a crime, punishable with heavy fines, legal fees, and usually imprisonment. It will cost alot more than the amount of taxes you may owe.
2006-09-02 21:19:11 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You have 3 yrs to file your taxes.
IRS can attach your wages, freeze bank accts. or put you in jail for tax evazion
2006-09-02 21:13:20 · answer #6 · answered by Brandy 3 · 0⤊ 0⤋