Taxes: Consequences For Failing to Pay On Time 

Citizens and businesses pay taxes to the government to help run its affairs. Failure to pay taxes can lead to dire consequences. Below are the effects of failing to pay taxes and what you can do to solve the issue.

You Will Get More Emails from the IRS

When you delay paying your taxes, the IRS will start sending you several emails to remind you of the payment. These emails can be irritating, and you will continue to receive them as long as you haven’t fixed the tax situation at hand.

You Will Be Listed on ACS

When the IRS sends you email reminders, you have to abide by and pay the taxes. If you delay or ignore it, the IRS will list you on ACS, which can affect your reputation in the long run.

Your Interest Continues to Grow

If you fail to pay taxes, you will experience a high-interest rate. The interest rate continues to increase with time and can grow to thousands of dollars, making the situation even harder for you.

You Risk Getting Fines and Penalties

There are several penalties and fines associated with the late payment of taxes. The fines and penalties could be a considerable sum of money depending on the evaded tax. This can affect you financially since you have to clear the outstanding amount, including the interests.

You May Face Prosecution

The prosecution is the least expected consequence for failing to pay taxes. But the truth is that you risk years of imprisonment. It can even be more challenging if you do not have the legal expertise to handle the case. You can hire a tax lawyer to advise and guide you through the processes if you face tax prosecution.

Seek Legal Help

If you’re facing prosecution because of late payment of tax or want guidance and advice on the same, we can help. Contact The Slaughter Law Firm today for a free consultation.