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What are the penalties for failing to file taxes?

From filing a false tax return to intentionally submitting a return with false information, tax offenses take many forms. However, you could also face harsh penalties for failing to file a tax return in Minneapolis, or any other part of Minnesota. If you have been accused of failing to file taxes, or fear that you may not file your tax return on time, it is important to familiarize yourself with the possible consequences.

According to the Internal Revenue Service, you may face a number of penalties if you fail to file a tax return. For example, you could be fined for not filing. In fact, the financial penalties that come with not filing taxes are often greater than the penalties associated with filing a return but failing to pay the taxes you owe. As a result, the IRS recommends that you explore an alternative payment option and still file your return even if you cannot pay your taxes in full.

If your tax return is filed after it was due, you may face steep penalties. Typically, the IRS requires those who file late to pay a penalty that amounts to 5 percent of the taxes they owe for every month that their return was late. However, you may not be penalized for failing to file a tax return if you can prove that your failure to file was not due to willful neglect and that you had reasonable cause.

This post was written for general informational purposes and should not be interpreted as an alternative to legal advice.

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Joseph S. Friedberg Chartered

701 4th Avenue South, Suite 300
Minneapolis, MN 55415

Phone: 651-447-6719
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