Tax Troubles? Get Advice From Vancouver Tax Law Attorney
Washington Tax Law Firm Assists Taxpayers Facing Issues With the IRS
Regardless of your reason for failing to file your federal tax return, the problem will not just go away. The IRS takes non-filing very seriously, and ignoring the situation may result in extremely serious consequences
The failure to file a tax return in the U.S. is a misdemeanor punishable by up to one year in jail plus a maximum fine of $25,000 (or $100,000 for a corporation). Even worse, a taxpayer who fails to file a tax return for multiple years faces a separate misdemeanor charge for each year.
Here are several reasons why you shouldn’t ignore unfiled tax returns:
- You may face potential criminal charges and civil penalties.
- You might be subject to wage and Social Security garnishment and bank account levies.
- The IRS will file a substitute return for you, using the minimum deductions and allowances, which will sometimes result in you owing more taxes than you would have had you filed your own return on time.
- The IRS will pursue collection efforts regarding the taxes you owe.
If you are facing unfiled tax returns, the good news is that the IRS typically goes easier on taxpayers who are proactively trying to remedy the situation. Individual filers and businesses that have delinquent tax returns can enter the IRS Voluntary Disclosure Filing Program, which allows non-filers to re-enter the tax system without the possibility of criminal investigation.
If you owe back taxes and are facing the possibility of an IRS audit in Vancouver, Washington, the tax attorneys at Lana Kurilova Rich PLLC can help. Contact our firm online, or call (425) 289-0629 to schedule an initial phone consultation today.
