The Internal Revenue Services (IRS) recently issued a statement encouraging taxpayers to pay their overdue tax bills. A failure to do so, the agency reminds taxpayers, could result in a forfeiture of one's passport.
Taxes were due yesterday. Many people struggle to get their tax return filed on time so here is one thing to consider next year if you don't think you will be able to meet the April 15 deadline: file an extension.
In the weeks leading up to tax day each year most people who live in the United States are aware that they need to complete their tax returns, file them and in some cases pay the government what is owed. Some people take care of them as soon as the necessary documentation becomes available while others scramble at the last minute to get them in before the due date. For a variety of reasons, others are delinquent. One group that is currently receiving attention for this is federal employees.
As readers are likely aware, individuals living throughout the nation who make a certain amount of money are expected file a federal income tax return, annually. Despite that knowledge, come mid April each year, inevitably some individuals have failed to do so. The reasons behind these failures may vary widely, from anti-government sentiment, to fear of what the consequences will be after not filing for many years. Regardless of the reason you do not file an income tax return, it is a good idea to know what to expect as a result of that omission.
There are many reasons why someone might fail to file a federal income tax return. According to one statistic, approximately 5 percent do not fulfill this obligation each year. That’s the equivalent of around 7 million taxpayers. Whatever the reason behind failing to file, the Internal Revenue Service has one objective—to get what it is owed. Accordingly, it is not afraid to aggressively pursue those who are delinquent in filing their return.