Reach Out to Our Memphis Tax Attorney for Legal Guidance
If you don’t file your annual tax return, it can result in costly penalties and criminal charges, which is why you need to immediately consult with a knowledgeable lawyer if you missed the deadline for filing taxes. Our dedicated legal professionals at Damiens Law Firm, PLLC in Memphis are here to walk you through all of your options for correcting tax delinquencies and deficiencies, so please get in touch with our firm today so we can help minimize your liability, reduce additional penalties, and avoid costly disputes with the IRS.
Schedule a free consultation today by calling our Memphis tax attorney at (601) 202-9788.
What Happens If I Don’t File My Taxes?
The IRS has a failure-to-file penalty that adds 5% of the outstanding tax bill for each month that your tax return goes unpaid. So if you owe $1000 in back-taxes that you put off paying for four months, then you will incur a 20% penalty that adds an extra $200 to your debt. If you are charged for tax evasion, the punishment can be as harsh as one year of imprisonment for every year you failed to file taxes.
Withholding income on your tax returns can also result in penalties if you are audited by the IRS. In fact, you can be charged with a crime if the IRS believes you willfully refused to pay taxes. The IRS can look at financial records from the past three years if they need to conduct an audit. That is why it is better to resolve the issue now, instead of putting it off in hopes they don’t discover unreported income.
Proudly Helping Clients in Memphis Resolve Tax Issues
Are you are worried about facing penalties for failing to file your taxes? If so, please call or visit our legal team so we can put our resources to work for you. From filing your delinquent returns to negotiating your tax debt, will fiercely advocate your best interests each step of the way.
To request a free case consultation to discuss your complicated tax problems, please call (601) 202-9788 or contact us online.
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