If you file your taxes but don't pay them, the IRS will charge you a failure-to-pay penalty. Generally, the IRS will charge you 0.5 percent of your unpaid taxes for each month you don't pay, up to 25 percent. Interest also accrues on your unpaid taxes. The interest rate is equal to the federal short-term rate, plus 3 percent.
If payment continues to be ignored, the IRS can also come after your assets and resort to the following:
- File a notice of a federal tax lien (a claim to your property)
- Seize your property
- Make you forfeit your refund
- File charges for tax evasion
- Revoke your passport
Tickmark, Inc. and its affiliates do not provide legal, tax or accounting advice. The information provided on this website does not, and is not intended to, constitute legal, tax or accounting advice or recommendations. All information prepared on this site is for informational purposes only, and should not be relied on for legal, tax or accounting advice. You should consult your own legal, tax or accounting advisors before engaging in any transaction. The content on this website is provided “as is;” no representations are made that the content is error-free.
Subscribe to Taxfyle Resources & Tax Tips
Get the latest posts delivered right to your inbox
Oops! Something went wrong while submitting the form.