Unfiled Tax Returns
The consequences for neglecting to file your tax return can be severe. The IRS enforces penalties for refusal to file the return, as well as refusal to pay the tax. The penalty applied to refusal to file is 5% per month of the tax to a maximum of 25%, in addition to any criminal penalties that may be applicable. For each year not filed, you could be subject to one year in prison.
Failure to complete your tax return results in a Substitute Filed Tax Return. When you choose not to file your return, the IRS will file for you using the information they have available. This typically includes any income reported to the IRS, not including personal deductions except the standard deduction. Once a Substitute Filed Tax Return has been filed, it is then your responsibility to file a return with all corrections and proper deductions. It is important to always file your return as a Substitute Filed Tax Return can never be discharged in bankruptcy.
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