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You avoid the failure to file penalty
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You avoid substitute returns filed by
the IRS.
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You get to take your adjustments,
deductions, and exemptions which are denied to you on a
substitute return (filed by IRS for you which is inevitable if you
receive W-2 or 1099 income).
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You start the statute of limitations
clock ticking for audit of your return (3 years from tax assessment
date).
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You start the statute of limitations
clock ticking for collection of the tax, interest, and penalties on
your return (10 years from assessment).
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You make your taxes, interest, and
penalties (1040) eligible to be discharged in Chapter 7 Bankruptcy
(about 3.5 years after filing each if assessed promptly).
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You stay in good graces with the IRS.
Not a small thing when an offer in compromise is subject to IRS
discretion.
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Solving problems is a whole lot easier.
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You might get jailed for failing to
file, but not for failure to pay unless you hide income.
Since the taxpayer hasn't been filing
or corresponding with the IRS, any notices could go to an old address and
the taxpayer could be UNAWARE OF THE IRS COLLECTION ACTIVITY UNTIL IT
IS TOO LATE TO PROTECT PAYCHECK, BANK ACCOUNT OR POSSESSIONS.
What happens if you don't file?
Click HERE to
find out |
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