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Nothing happens, assuming you were not required to file any tax returns during that period.
If you were required to file a return and failed to do so, the statute of limitations on any tax you owe, penalties and interest does not start to run until you file a return. There are potentially large penalties that will far exceed any tax you owed.
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How long can you file exempt from taxes?
So far I've managed 5 years. Fed taxes are against the constitution and I will not pay back my gov's interest on it's currency. Nor should any real American or citizen of America
A person is on disability chances are they would have money owed to them How many years back can a person file federal income taxes if they have not filed in several years?
Generally, you must file a claim for a credit or refund within 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later. If you do not file a claim within this period, you may no longer be entitled to a credit or a refund. You can find more information by going to the IRS.gov web site and using the search box for PUBLICATION 556 (5/2008), Examination of Returns, Appeal Rights, and Claims for Refund Claim for refund
What happens if you are late with your taxes?
It sounds like your question refers to late filing, however, you could be asking about paying late. If you are an individual taxpayer and you have income from either self-employment or as an employee then you are required to file your taxes every year by April 15. In the case that you are unable to file on time you should file an extension to file which will extend your filing requirement until October 15 of the same year. If you file by that date after requesting an extension to file there are no consequences. Should you not file on time then you can be penalized for failure to file, this penalty accrues daily on your balance at a monthly rate of 5% per month up to 25% yearly, in addition to interest. As you can see this starts to add up quickly. Now a taxpayer continues to go unfiled then the IRS can produce a Substitute for Return or SFR, once they do all the penalties and interest will backdate to the original date when you were required to file. It is estimated that a tax debt will double every 3 to 4 years. In the case when the return would have produced a refund then you can file anytime within 3 years of the due date of the taxes, after that you forfeit the opportunity to claim a refund while you still have a filing requirement (by law!). In the case that you are inquiring about paying late, then you are dealing with also the failure to pay penalty or FTP penalty. Eventually if enough time goes without addressing the issue the IRS will send out notices, turn you into collections and levy bank accounts and / or wages.
What happens you didn't file federal taxes on time?
If you owe taxes and didn't file your tax return or request an extension by the April 15 deadline, you may face interest on any unpaid federal taxes you owe and a failure-to-file penalty. The IRS will deny a request for an extension that is filed after midnight on April 15. However, you should still file your tax return, even if it's late. The failure-to-file penalty is 5 percent per month, or part of a month, of the balance due, up to a maximum of 25 percent. If the tax return is more than 60 days late, the minimum penalty is $135 or the balance due, whichever is less. Interest and penalties add to the total amount you owe. The sooner you file, even if you can't pay all or some of the taxes due, the less you will owe. More information about penalty and interest charges is contained in Chapter 1, Filing Information, of IRS Publication 17, Your Federal Income Tax. Click on the below Related link
What happens if you file your income taxes after April 15?
As a calendar year individual taxpayer filing a 1040 federal income tax return and you do NOT have any income tax liability or OWE any income taxes on your correctly completed income tax return the final date to file would be October 15 2010. If you owe taxes and didn't file your tax return or request an extension by the April 15 deadline, you may face interest on any unpaid federal taxes you owe and a failure-to-file penalty. The IRS will deny a request for an extension that is filed after midnight on April 15. However, you should still file your tax return, even if it's late. The failure-to-file penalty is 5 percent per month, or part of a month, of the balance due, up to a maximum of 25 percent. If the tax return is more than 60 days late, the minimum penalty is $135 or the balance due, whichever is less. Interest and penalties add to the total amount you owe. The sooner you file, even if you can't pay all or some of the taxes due, the less you will owe. More information about penalty and interest charges is contained in Chapter 1, Filing Information, of IRS Publication 17, Your Federal Income Tax. Go the IRS gov web site and use the search box for Publication 17 and go to chapter 1 When Do I Have To File?
Do you have to file taxes if you are due a refund but don't care to claim it now?
no..you have 3 years to file it. after that kiss your refund goodbye. FYI - if you file two or three years together it will take 5-6 weeks regardless of efile....they want to make sure you dont owe on the previous years before they release the current
Do you get audited when you file your taxes?
Yes, the IRS can audit you at any time within 5 years after filing.
Tax Preparation Help?
form_title=Get Help With Tax Preparation form_header=Learn how to file your taxes and find all of the qualifying deductions. Do you have the necessary paperwork to file your taxes?= () Yes () No How many people will you be filing for?= () 1 () 2 () 3 () 4 () 5 () 6 () 7 Have you paid your taxes in previous years?= () Yes () No
How long can you file exempt from taxes?
So far I've managed 5 years. Fed taxes are against the constitution and I will not pay back my gov's interest on it's currency. Nor should any real American or citizen of America
Can you file taxes if you worked but now get welfare?
Yes. You have to...its federal law. Any person who receives wages of any kind throughout the year is required to file taxes. Failing to do so may be considered a felony called tax evasion. If convicted, you could face up to 5 years in prison and/or a $100,000 fine.
What are pf taxes?
There are no taxes on pf contributions. However, withdrawals are taxable if done before completing 5 years
When you file bankruptcy is it dismissed 5 years after you filed or after the confirmation date?
it's 10 years from the confirmation date. who told you 5 years?
What if your husband self deported to Jordan from Fla 5 years ago Do you file taxes marry theres no way you can get his signature?
Are you still legally married? Do you live with him in Jordan? If you no longer live as a married couple and you have not resided with him for at least the last six months of the tax year them you can file as a Single person and if you have dependent children you can file Head of Household.
Who were the tax collectors in ancient rome?
Censors-collect taxes,take census-2 elected every 5 years
My son is on a gov. benifit program for depression. He therefore has not managed to file his income taxes for the last 5 years, how can he find a acountant without charging the normal fee to help him desperate?
He can use a tax advisor at your local IRS tax office
I am a tattoo artist for 5 years you dont have a linence what do you do?
leave this job
Can the California franchise tax board collect on taxes from 1989 when I'm now living in florida and receiving a bill now in 2012?
I think they can. You could live on the moon and they would get taxes from you. Did you earn the income in CA and not file your taxes because you were in Florida ? If you did that I think they can collect the taxes. Check with a tax attorney that knows CA taxes. Usually, they only go back 5 years and 1989 is further back than that. The state needs money and it wouldn't surprise me if they sent a tax bill to someone who is dead.
