Filing Unfiled Tax Returns Eliminates the Risk of Imprisonment
January 9th, 2007So going along the lines of the previous postings. The ones about not filing your taxes or reporting income or trying to falsely take deductions.
Section 7203 of the Internal Revenue Code permits the IRS to charge you with the “willful failure to file a tax return.” The statute subjects you to a risk of being guilty of a misdemeanor and a $25,000 penalty ($100,000 in the case of a corporation), and imprisoned for not more than one year. If the failure to file is “willful” the charge is a “felony” and the imprisonment is up to five years.
YOU ELIMINATE THE RISK OF IMPRISONMENT IF YOU VOLUNTARILY FILE YOUR TAX RETURNS, and payment of your tax liability.
