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TaxTom, Public Accountant
Category: Tax
Satisfied Customers: 2364
Experience:  25 Years Experience in Personal and Small Business Tax Preparation
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what are the penalties for not fileing tax forms for 20years

Customer Question

what are the penalties for not fileing tax forms for 20years with little or no income
Submitted: 5 years ago.
Category: Tax
Expert:  TaxTom replied 5 years ago.

Taxtom :

Hello, If you had no tax liability and were not self-employed there are no penalties. If you owed taxes you would pay penalties of 10% plus interest of 8% per year. The exteme would be if you owed a lot of taxes and were not able to pay and wiould not cooperate with the IRS they could put you in jail. If you can give me an idea of what you consider low income and the source of income from the each of last 3 years I can give you an idea of what taxes were due or not due, also let me know if you were married and have any children under 18. Thanks Tom