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The Curious Bag
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For a variety of reasons, even though it is obligatory, individuals sometimes do not file some or all of their taxes. As a result, there are penalties and repercussions that comes along with not filing your taxes. The Internal Revenue Service, also known as the IRS, may take strict measures to ensure that your taxes are filed and dole out infractions to those who have not filed their taxes.
Notice of Unfiled Taxes
The IRS may send you a notice that requests for your to send in your unfiled tax returns. This notice may come the same year your taxes are due, or may arrive several years later.
Subsitute Return
A substitute tax return will be filed on your behalf by the IRS if you fail to file yourself. The IRS will go solely on the information they have, which means any exemptions and expenses you may be able to claim will not be included.
Collections
The IRS may start collections on you which can include garnishing your employment wages, bank accounts or filing a lien on your home and property.
Incarceration
Although the IRS does not usually recommend incarceration for not filing your taxes, the possibility does exist for those individuals who have excessive cases of not filing taxes.
Interest
If you fail to file your taxes, the IRS will measure out interest that will increase the amount due on your taxes if you owe.
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