A failure-to-file penalty will be imposed if you do not file your taxes. The Internal Revenue Service (IRS) may file a substitute return on your behalf. However, since this return is based only on information obtained from other sources by the IRS, it will not account for any extra exemptions or costs, and as a result, it may overstate your true tax liability. The IRS may levy your wages or bank accounts, or file a federal tax lien on your property, once the tax is assessed.
If you have any questions about the topics discussed in this article, or any tax law matter, please give us a call at Bononi & Company 724-832-2499.