May 4, 2012 /24-7PressRelease / -Benjamin Franklin wrote in a letter, "n this world nothing can be said to be certain, except death and taxes." Words of Franklin captured the contempt that many people have to pay taxes. Few people appreciate having tax returns to file with the Federal Government, but the people that fail to file returns risk a range of penalties. However, people can mitigate some of the current damages of filing because yields.
Consequences of failing to file returns
Who do not file income tax declarations opens the possibility of several sentences, including:
-Imprisonment: If the IRS believes that a person is not income to avoid paying taxes, the IRS may choose to pursue criminally.
-Failure to file fines: the IRS can fine anyone who files end 5% of the total amount of the file server should, more interest, up to 25% of the total amount to a person.
-Failure to pay fine: If a person must tax the income and not only the payroll, is the failure to pay the penalty of 0.05% of the unpaid amount for each month, the tax is unpaid.
-Links: The IRS may put a lien on the property of a person for unpaid taxes and failure to file penalties, security in the interest of the Government in the event of sale or bankruptcy.
-Levies: A levy is a seizure of property, as on wages or bank accounts. The IRS may choose to collect the property of a file server for unfiled returns fines and unpaid taxes.
-Loss of refund: people have a limit of three years from the date of the return is due in which request income tax refunds they are due. After three years pass, unclaimed refunds are forfeited.
Statements of reason passed can help
Past due tax returns can help reduce some of the sentences that faces a person. Once a person filing a return to past-due, the IRS is less inclined to consider the person as to try to avoid paying taxes and prosecute criminally. In addition, the clock stops on the time that the return is late for the purposes of the calculation of the fines. Finally, the declarant can work on a payment plan for the amount that he must. After that, the IRS is less likely to a lien or from the property of spinning, since the browser will be have made an effort to begin to pay the debt.
If you have any questions on the past in taxes, please contact an experienced tax attorney who can advise you of what action to take.
Article provided by Law Offices of Angelique M. Neal, PLC
Visit us at the http://www.nealtaxlaw.com
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