The law obligates every citizen to pay taxes to the IRS if their income satisfies a certain threshold. Only dependents are exempted from this rule. Similar to any other rule, filing tax returns is mandatory; there are no other ways about it. Failure to file tax returns at the stipulated time often has dire consequences, mainly criminal penalties such as fines, lines and in some cases, incarceration.
Nowadays, the IRS adopts a welcoming approach, a factor that significantly encourages individuals to file their returns. Furthermore, from an economic perspective, failure to file your tax returns in time is substantially expensive in the long term as compared to filing and paying the owed amounts.
As mentioned earlier, the implications of failing to file your tax returns transcend beyond hefty fees, regardless of whether the action was intentional or unavoidable. The ramifications of tax evasion and fraud are several, but the following are the most prevalent.
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