Wagner And Winick On The Law

Everyone at some point in their tax-paying lives has been tempted to skip the whole ordeal. What would happen if you didn’t file your taxes this year? Is the IRS really going to come after you? Going to prison for tax fraud, which is how the IRS classifies not-filing, is rare. However, if you owe the government money, you'll eventually have to pay, plus significant interest and fines. If you owe money and don't file, the IRS charges a penalty of up to 25 percent of what you owe, and it can charge an additional 25 percent for failing to pay your bill on time. A 75 percent penalty is reserved for egregiously fraudulent returns! There’s also interest to be paid, currently compounding at 3 percent per year. Listen to this week's program to learn more about the process of filing and paying your taxes and a discussion of (in)famous tax cheats.