I know someone who hasn't filed their taxes in 5 years, and they went to a tax attorney and were told that they will owe about $45K...could they also get prison time? Would the IRS be easier on them because they are now making it up on their own?
2006-11-11 11:34:18 · 2 answers · asked by redfraggle 2 in Business & Finance ➔ Taxes ➔ United States
They could, but probably won't unless they're a high-profile person, or unless the IRS catches up to them before they come in on their own, file, and make arrangements to pay. If they don't have the whole 45K, the IRS will set up a payment plan, but if they do have the money and just don't want to turn it over, the IRS will probably get tough with them. If they have assets that can be levied and sold to pay the debt, that could be done too.
2006-11-11 11:38:36 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
I think he may be able to file an extension for up to x number of years for some or most of it,...then be responsible for paying the rest off to prevent prison time, then pay the rest forever, maybee
2006-11-11 11:39:16 · answer #2 · answered by fantasticopinionsfree 3 · 0⤊ 2⤋