Does the federal government impose a late filing penalty or jail time on individuals who fail to file their taxes and yet are due a refund? I know that they don't make any effort to seek you out to let you know you are due a refund. I guess my question is, how vindictive is the government when it already has your money?
2007-04-17 06:34:49 · 6 answers · asked by Luey 3 in Business & Finance ➔ Taxes ➔ United States
So the IRS could come after you and prosecute you to get you to file your tax returns. If you did and it turns out they owed you money, have they just wasted everyone's time and resources?
2007-04-17 06:45:19 · update #1
People are lazy by nature and don't want to file, even if it means getting money back. The effort might not seem to be worth it.
2007-04-17 06:47:08 · update #2
No, there is no penalty for late filing if a refund is due. Penalties are based upon the amount of the tax debt outstanding. If there's no debt, there's no penalty.
Nobody EVER went to jail for late filing of a return. The only penalty is financial and again only if taxes are due.
If a return is missing, the IRS gives plenty of warning before pursuing criminal sanctions for failure to file. They can't get any money from a jailbird and they'd rather you be able to earn come income and pay them their due.
2007-04-17 06:40:51 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Yes, Uncle Sam expects you to file a return even if you have a refund coming. Second, Uncle Sam does not know if you have a refund coming until after you file a return. That's the whole purpose of filing one, to determine the total amount you should pay for the year and if you still owe or not. Third, if you don't and you owe when Sam finally catches up with, and he will, not only will you have to pay a fine, you also have to pay interest. If Sam owes you, then why would you not file?
2007-04-17 06:44:05 · answer #2 · answered by tcb396 2 · 1⤊ 1⤋
particular that's achievable, yet exceptionally unlikely decrease than the situations you describe - the only people who bypass to penal complex are regularly people who owe lots and refuse to report or pay. you nonetheless ought to report the previous due returns, because of the fact that in any different case in case you owe, consequences and activity are amassing and it could finally end up costing you lots. They in all possibility does no longer positioned you in penal complex, yet could grab your sources in case you probably did no longer pay. the reality that they have got not come once you already could point out which you extremely had money back coming particularly than owing something. in case you do, you will get it for tax years 2004 and later in case you report. the reality that they took out taxes does not say no remember in case you nonetheless owe or no longer - for anybody year the place they did no longer take out adequate, you could owe the extra. in the event that they took out too lots, then you certainly could get it refunded, different than something farther lower back than tax 12 months 2004 is misplaced because of the fact that's too late which you could collect it.
2016-12-10 04:30:03 · answer #3 · answered by ? 4 · 0⤊ 0⤋
No, hardly. If you're owed a refund and don't file, you just forfeit your refund, there's no penalty.
2007-04-17 06:43:28 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
Hey, you are suppose to file no matter what...but they won't fine you....If you ask they may name a bridge or building in Washington after you....."The Super Sucker Bridge" I can see it now.
2007-04-17 06:46:41 · answer #5 · answered by gvh 3 · 0⤊ 1⤋
just a monitary penalty
2007-04-17 06:38:34 · answer #6 · answered by skcs11 7 · 0⤊ 2⤋