The Treasury General for Tax Administration issued a report that estimates that intentional non-filing of tax returns by high income individuals had resulted in billions of dollars of unpaid taxes.
Part of the problem is that many high-income taxpayers are often independent contractors that don’t have taxes regularly withheld from their paycheck.
These taxpayers will likely be hit with significant penalties and interest charges, however, If you have experienced a catastrophic life event or a severe economic downturn, the IRS may waive the penalties and work out an installment plan.
But don’t wait too long. The IRS has little leniency for those who willfully fail to file. They may even impose criminal sanctions that can result in up to five years in federal prison.
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