me and my friend are arguing over this topic..so help us!
2007-09-11 12:55:01 · 8 answers · asked by 12345 1 in Business & Finance ➔ Taxes ➔ United States
OK, you don't go to prison for not filing, but your life can become miserable. If you don't pay taxes on time, don't file on time, then you pay interest and penalty. The tax due amount will multiply and will keep on multiplying. Very soon you will find that you don't have enough money to pay the taxes. Then there will be lien on your your income sources and property (car, bank accounts, home). The situation will not be better than being inside the prison.
In short, file your return and pay the taxes as early as possible. Don't delay it.
2007-09-11 13:47:36 · answer #1 · answered by MukatA 6 · 0⤊ 0⤋
To put the argument to rest, simply ask the IRS. You can call and ask a general question what happens, if you forget to file. I am sure they have heard all types of stories, the bottom line is you will have to pay interest and penalties. I think they rather have you on a payment plan then to lock you up.
2007-09-11 19:58:41 · answer #2 · answered by That one 7 · 0⤊ 0⤋
You get penalties such as fees, fines added on top of what you owe the IRS. If you go uncheck for years, then yes their is a strong possibility of going to jail/prison. Unless all that time a refund was due to you, you end up being stupid looking.
2007-09-11 20:06:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
if you owe the IRS money,they will take it from you wheather you give it to them or not...they can and will put a hold on your bank account...and as soon as you get enough money in there they take what is theres'.If you don't have a bank account they can garnish your wages from your check,look out.it will take them a while,but your boss files whatever income you made each year...and unless your hiding under a rock,.you know you are suppose to file..
2007-09-12 01:13:38 · answer #4 · answered by ? 6 · 0⤊ 0⤋
LOL of course not, anyways the prisons are to full. Accidents are recognised by the courts that mistakes are made. They are likely just gonna send you warning letters or whatever to notify you.
2007-09-11 20:00:32 · answer #5 · answered by Bobs your uncle 3 · 0⤊ 0⤋
If it was proved you were trying to commit fraud then yes. If by accident, hmmmmm, then file the return as quickly as possible.
2007-09-11 21:02:04 · answer #6 · answered by Anonymous · 0⤊ 0⤋
not filing is illegal.... accident or not. the law was broken.
usually, if you call the IRS and fess up, they will not go after you....
however, if you don't file and they have to chase you down, they are likely to press the issue
2007-09-11 20:01:05 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Of course not. How are they going to get any money when you're in jail?
2007-09-11 20:02:05 · answer #8 · answered by hermit 5 · 0⤊ 0⤋