2006-12-26 01:54:54 · 11 answers · asked by americanjustice24 1 in Business & Finance ➔ Taxes ➔ United States
The IRS will take what it knows about you from information already provided (they get copies of 1099's and W-2's for instance) and do your return for you. What they will not do is give you any deductions or credits other than the minimum prescribed by law. Then they will send you a bill. The only way you can resolve it then is to file a return. If you wait too long (three years past the original filing date) you will be denied your refund except in very limited circumstances. If you are due a refund for an out-of-date year but owe in a later year you have to pay for the later year but do not get the refund.
Everyone should compute their tax position each year and, from that, determine if they must (or should) file. If the computation shows that you get a refund, why would you not want to claim it?
2006-12-26 02:15:56 · answer #1 · answered by skip 6 · 1⤊ 0⤋
No three year statute of limitations starts until you file your tax return. This simply means that any time the service finds you they can ask for a return.
If you owe money to the treasury on a late filed return you would be charged interest and penalty. This can go as high as 50% of what you owe.
If they owe you money and you don't file within three years of the original due date for the tax return you lose the refund.
2006-12-26 10:41:12 · answer #2 · answered by waggy_33 6 · 0⤊ 0⤋
Fined for not filing, possible jail time.Responsible for taxes owed with interest and penalties.
2006-12-26 10:00:38 · answer #3 · answered by martywdx 4 · 1⤊ 0⤋
For a while, not too much.
After a while you will get some letters.
After that, you will get a knock on the door with some gentlemen who will want you to accept their shiny new bracelets, & want you to move in with them rent free for a few years in a gated community with many amenities! They will provide for all of your meals, clothing & entertainment.
Of course, that all depends on who you are stiffing. The feds (which is highly not recomended) or the locals.
2006-12-26 10:08:14 · answer #4 · answered by ricks 5 · 1⤊ 0⤋
IRS will eventually come after you. It may take years but they will get you. If you are evading paying they can make a criminal case and prosecute. Don't do it.
2006-12-26 09:58:05 · answer #5 · answered by Anonymous · 3⤊ 0⤋
the I R S will eventually find out and you will have to pay them with interest
2006-12-26 09:58:27 · answer #6 · answered by poopadoopnu2 1 · 1⤊ 0⤋
to face legal proceedings and the penalties imposed.
2006-12-26 10:05:13 · answer #7 · answered by hari prasad 5 · 0⤊ 0⤋
eventually, you will get a visit from the IRS and they will seize your accounts and take you to court.....don't do it!!
2006-12-26 10:03:32 · answer #8 · answered by Anonymous · 1⤊ 0⤋
You can be thrown in jail.
2006-12-26 09:57:05 · answer #9 · answered by leaptad 6 · 0⤊ 0⤋
irs gets you
2006-12-26 09:56:42 · answer #10 · answered by Anonymous · 0⤊ 0⤋