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Tip of the Day

Tip of the Day Spend Less Than You Earn

Spend Less Than You Earn - To spend less than you earn, basically, means to live within your means. In other words, if you don't have the cash to...

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Not Filing Your Tax Return

What happens when you don't file your tax return? Not filing your tax return can only cause you trouble, stress and even more trouble. Every tax code has strict regulations that need to be followed. You, as a tax payer, must do your best to follow these regulations. The first step is to submit the appropriate items and submit them on time. If by any chance you miss the date to file your tax return, you are then automatically given a time limit in hopes that you will get it in. However if you do not, you will suffer the consequences of not filing your tax return. In this article let us discuss the consequences of not filing your tax return and the methods of contact you will receive upon not filing your tax return.

The consequences of not filing your tax return can be quite grave. The first aspect is criminal. You may be charged for tax evasion for another six years after the date on which your tax return date was. The next aspect is citizenship. Your citizenship and other civil penalties are at risk. This is of course varied upon how much tax you have evaded. You can expect that after six years you have still not been bothered about that one time you did not file your tax return they won't ever look for you again. It is a federal policy. However they are most likely to hunt you down within that time span of six years. In addition to the criminal charges mentioned afore, you may also be fined. The fine can range from $25,000 per year. In addition to this option, you may be sentenced to perhaps a year in prison.

If you have not filed your tax return and are in apprehension. Fear not for the agencies will contact you. First you are sent mail from the corresponding Service Center. Within a span of 16 weeks you will receive three written notices. Secondly, you will receive a phone call from a tax payer representative. At this point, the person will ground a final due date for you to file your tax return without any further consequences. If you are still unable to file, you will be visited by an officer or a revenue agent. At this point you will be given another stricter deadline. If this does not function, you will be visited by a special agent.

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Definition of the Day E-Commerce

E-Commerce - This is a form of sales that takes place electronically. The most common means is on the internet or also through computer networks. This type of sale has become increasingly popular over the last few years. Such means has so many benefits to both the seller and the...

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