Ask Question
BusinessBusiness
20 May, 00:17

What would happen if you didn't file taxes?

The first time, the IRS would file for you and you'd owe more than you would have if a) a) you had filed yourself, plus penalties and interest.

b) The IRS would conduct an audit and you'd owe penalties and interest.

c) The first time, the IRS would probably overlook it. If they caught it, you'd face jail time, plus owe all the taxes and penalties and interest.

d) It's impossible to avoid filing taxes.

+1
Answers (2)
  1. 20 May, 00:27
    0
    The IRS would prefer option D, but in reality no system is perfect, therefore the correct answer is:

    B) The IRS would conduct an audit and you'd owe penalties and interest.

    Explanation:

    Not filing your taxes is different from not paying your taxes. If you do not pay your taxes the IRS will fine you, but if you do not file your taxes the fine is much larger and the taxpayer might face time in prison.

    If you don't file your taxes, the IRS will fine you 5% per month starting the next day after the deadline passed. If you are more than 60 days late, the fine will be at least $135 or 25% of taxes due. If you file your taxes but are not able to pay, the fine will only be 0.5% (per month) of your taxes due.
  2. 20 May, 00:37
    0
    you will be fined and imprisoned.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “What would happen if you didn't file taxes? The first time, the IRS would file for you and you'd owe more than you would have if a) a) you ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Lisa’s Pizza is trying to compete with the larger Domino’s Pizza down the street for customers. She feels she can deliver a better tasting product, faster, and cheaper.
Answers (2)
If Starbucks raises its price by 5 percent and McDonald's experiences a 0.5 percent increase in demand for its coffee, what is the cross-price elasticity of demand? Instructions: Round your response to two decimal places.
Answers (1)
Question 451 pts In the Freyfogle Company, land decreased $75,000 because of a cash sale for $75,000, the equipment account increased $20,000 as a result of a cash purchase, and Bonds Payable increased $70,000 from an issuance for cash at face value.
Answers (1)
Which of the following scenarios best exemplifies a platform business? Devin purchases electronic parts from a variety of vendors and assembles them intoinexpensive MP3 players that he sells to consumers.
Answers (1)
Catalogue companies are committed to selling at the prices printed in their catalogues. If a catalogue company finds its inventory of sweaters rising, what does that tell you about the demand for sweaters?
Answers (1)
New Questions in Business
According to Debra, the vice president of Theo Chocolate, the most important marketing vehicle the company has is: a. the fair trade certification. b. free product giveaways. c. tours of its factories. d. the unique varieties of chocolates it offers.
Answers (1)
A country that exports less than it imports will end up having to borrow money True or False if false why?
Answers (1)
A client's condition has resulted in a decrease in work demands of most cells in the body. Which change within the cell will likely result from this decrease in work?
Answers (1)
At the scene of the crime, the evidence collector found a damp, bloody shirt. the evidence collector quickly wrapped the shirt in a paper bindle. he inserted the paper bindle with the shirt into an evidence bag.
Answers (1)
What may managers rely on to decide if they'd like to interview a candidate in person?
Answers (1)
Home » Business » What would happen if you didn't file taxes? The first time, the IRS would file for you and you'd owe more than you would have if a) a) you had filed yourself, plus penalties and interest.
Sign Up Forgot Password?