2007-02-16 04:03:25 · 9 answers · asked by none 1 in Business & Finance ➔ Taxes ➔ United States
After 3 years from the due date you lose any refund that you might have had coming to you.
If the IRS reviews your income information and it is determined that you owe taxes, you will owe the tax and penalties and interest on it until it is paid there is no time frame on them collecting taxes owed from returns not filed.
If you owe and don't pay what you owe, they can garnish your wages, bank accounts and levy against any property you own
2007-02-16 04:09:53 · answer #1 · answered by Anonymous · 2⤊ 0⤋
It depends on whether you owe or not. If you don't owe, nothing probably happens, except that after 3 years you lose your right to any refund you would have gotten.
If you do owe, eventually the IRS will send you a bill including interest and penalties.
Note that each year is treated separately - if five years ago you didn't file, but would have gotten a $1000 refund, and four years ago you didn't file but owed $1000, they'll still come after you for the $1000 you owe plus interest and penalties, and you won't get any credit for the $1000 refund you'd have gotten if you filed.
2007-02-16 18:13:04 · answer #2 · answered by Judy 7 · 0⤊ 1⤋
We call these people non-filers. The IRS has an unwritten practice to only go back for 6 years of returns. You lose any refunds 3 years after the due date. If you owe taxes there will be big penalties and interest added on. Not pretty. A lot depends upon whether you had taxes withheld on a W-2 - if yes then not so bad. If no then really bad.
2007-02-16 12:27:15 · answer #3 · answered by spicertax 5 · 0⤊ 2⤋
I would say that the IRS may come looking for who ever that is and they can get into big trouble.
Look at the guy from Survivor that didn't claim his winnings on his Taxes. Actually I don't think he filed his taxes at all so there is your prime example.
2007-02-16 12:07:25 · answer #4 · answered by blondie21_97504 3 · 0⤊ 1⤋
The statute of limitations does close if someone fails to file tax returns. So if they owe, they can owe BIG.
And it takes a LOT for the police to get involved. Mostly that's urban myth.
The best thing to do is file yearly, even if it is a pain. Most middle and low class earners have refunds coming. I can't ever figure out when someone wouldn't want to file and get that money back.
2007-02-16 12:15:24 · answer #5 · answered by Molly 6 · 0⤊ 3⤋
The IRS figures your taxes for you and does not give you any deductions, then they start piling up penalties and fines, and you could altimately loose and property you own. They will also keep any returns you may be due, it just keeps getting worse. You dont want to do that. If your already in that situation, hire a tax attorney and have them negotiate a settlement for you.
2007-02-16 12:13:12 · answer #6 · answered by Anonymous · 1⤊ 2⤋
eventually they find that you havent and your pay check may get garnished. it may take a while, but when it happens it prob wont be at a good time.
2007-02-16 12:07:27 · answer #7 · answered by Juillet 4 · 0⤊ 1⤋
the IRS can seize your bank account & put a lien on you property
2007-02-16 12:16:57 · answer #8 · answered by tire chick 4 · 1⤊ 2⤋
The police will come after you if you don't pay them.
2007-02-16 12:12:16 · answer #9 · answered by Samantha Thompson 3 · 0⤊ 5⤋