If you fail to pay your taxes when they are due, the IRS will begin the collections process. First, you’ll receive a bill followed by a notice will include the total tax due, including unpaid taxes, penalties, and any interest that has accrued since the initial bill. Interest will continue to compound daily and monthly penalties will be assessed until the bill is paid.

In addition to having to pay more taxes, if you delay filing you risk:

• Civil penalties of up to 75% of the amount owed
• Tax audits
• Seizure of your paychecks and bank accounts, tax liens and seizures of property.
• Criminal charges for tax evasion, and if convicted, possible prison time and/or substantial fines
• There are numerous options for handling tax issues, but as a general rule, the longer you wait the more difficult and complicated the issues become.

If you owe money to the IRS, we can help you reduce penalties and get relief. Please contact the team at Fine and Clear Tax Solutions or call 516-247-9950.