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Wayne Reeves CPA

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Wayne Reeves, CPA
info@coronadoaccounting.com
928-474-0011

Nine Disasters Awaiting You When You Decide NOT to File Your Tax Return with the Internal Revenue Service

The Internal Revenue Service announced that it plans to go after non-filers. http://www.irs.gov/newsroom/irs-increasing-focus-on-taxpayers-who have-not-field-tax-return

Disaster #1

Internal Revenue Code Section 7203 empowers the IRS to go after non-filers (those who fail to file, pay the tax, keep records or supply information) with one year in jail and a $25,000 fine. Normally, the IRS doesn’t use this Federal law, as it prefers filing and paying. But if a taxpayer is stubborn about filing and paying, IRS Criminal Division can take this action to make a non-filer an “example” to others “to get in line, file and pay”.

Disaster #2

Normally, when you don’t file, the IRS creates a tax return for you, upon which it computes a tax liability. IRS guesses or uses what has been reported as to your gross income, allows for no deductions or dependents. You are assessed an astronomical tax amount which is not what you really owe. Then the IRS “takes action” to collect this astronomical tax by seizing your bank accounts or your wages/amounts paid to your self-employed business. As a result, you are left destitute unable to pay your normal business and personal expenses. This disaster could have been avoided by filing a tax return, and paying the tax liability. If the taxpayer doesn’t have sufficient cash to pay the tax, IRS has options to work out this problem. Your tax counsel can enlighten you as to your options.

There are 7 other Disasters are explained in a publication produced by Wayne N. Reeves, Certified Public Accountant You can have this articler FREE for the mere asking. Email Wayne at managerassistants1@proton.me or call his office at 928-474-0011

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