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Back taxes owed aren't bankruptable, plus you can potentially go to jail if you fail to pay for long enough. Not worth it at all. Plus it's, you know, your civic duty to pay taxes, whether you like it or not.
Yeah, just ask Wesley Snipes.
The IRS doesn’t care who you are if you owe them money. Wesley Snipes, 45, paid a $5 million dollar fine and was sentenced Thursday to three years behind bars as his punishment for failing to file his tax returns, U.S. District Judge William Terrell Hodges announced in an Ocala, Fla., courtroom.
Prosecutors said the Blade star owes a total of $41 million in taxes from 1999 through 2001. The prosecution was seeking to make an example of Snipes so average people didn’t think that they rich and famous could get away with it.
The penalties only apply if you have a balance due. If you truly are owed a refund, there's no penalty. However, if you are owed a refund and don't request it before the later of three years from the original return due date or two years after the tax is paid, kiss it goodbye. The statute on that refund is closed.
Back to the OP, in my small CPA firm days we had some clients who were partners together in a small law firm. All their income was from the partnership and they didn't draw a paycheck so no W-2. One partner always filed while the other one never did. Once every ten years or so he would file a couple of years' worth of returns, but that was it. Used to **** me off, but nothing I could do about it.
He could still probably get away with it today, since K-1 matching for small partnerships is still notoriously lacking.
The penalties only apply if you have a balance due. If you truly are owed a refund, there's no penalty. However, if you are owed a refund and don't request it before the later of three years from the original return due date or two years after the tax is paid, kiss it goodbye. The statute on that refund is closed...
This is true, but as I said in my post the IRS won't know that you are due a refund if you don't file. And if they file an estimated assessment because you failed to file a return, and you do not address that timely, collection action could begin in the interim even if you eventually provide the documentation that proves you really didn't owe in the first place.
This is true, but as I said in my post the IRS won't know that you are due a refund if you don't file. And if they file an estimated assessment because you failed to file a return, and you do not address that timely, collection action could begin in the interim even if you eventually provide the documentation that proves you really didn't owe in the first place.
All you people saying prison are not serious. That's only for cases where large amounts of money are owed(think millions). What's more common is the IRS
simply takes all your money and every asset you own, can blackmail you, ect.
All you people saying prison are not serious. That's only for cases where large amounts of money are owed(think millions). What's more common is the IRS
simply takes all your money and every asset you own, can blackmail you, ect.
Yes, in most cases the IRS will take civil action to recover the taxes that aren't remitted. And for all of us taxpayers out here who report and pay their taxes, we should be glad of that. But criminal prosecution does happen. From the IRS website:
Three Fiscal Years Trends in Investigations - Criminal Investigation (CI) (http://www.irs.gov/compliance/enforcement/article/0,,id=107484,00.html - broken link)
Yes, in most cases the IRS will take civil action to recover the taxes that aren't remitted. And for all of us taxpayers out here who report and pay their taxes, we should be glad of that. But criminal prosecution does happen. From the IRS website:
Three Fiscal Years Trends in Investigations - Criminal Investigation (CI) (http://www.irs.gov/compliance/enforcement/article/0,,id=107484,00.html - broken link)
But it still doesn't happen often. And when it does it's usually a case where law
wants to make a example out of somebody(rare and sometimes wierd cases)
You cannot go to jail or be treated civil because its a private law youre breaking. Once you sign anything with the feds or have a SSN you are their property. Literally. There is NO LAW which states they can tax on personal income.. the irs and federal reserve private bank is the biggest scam of life. I dont file anything n i dont fear them...screw the federal reserve...
All you people saying prison are not serious. That's only for cases where large amounts of money are owed(think millions). What's more common is the IRS
simply takes all your money and every asset you own, can blackmail you, ect.
If you owe millions its like they will stttle for much less because they also like money. The books are loaned with popple who paid much less tha owed i that range. Snipes problem was he didn'tt ake the deal.
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