There are many reasons why people fail to file their tax returns. One of the most common reasons is that they do not have the money to pay their taxes. Whatever reason you have had, if you have not filed your taxes for a year or two, you now have IRS Problems. One of the easiest ways to rid yourself of this specific IRS Problem is to file your back taxes.
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IRS problems arise if you do not file a tax return. The Tax Code has certain timelines or statutes of limitations set out that let the IRS to go after nonfilers.
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Problem? Yes and No. No because you can file ASAP. Yes, because penalties and interest can be fairly steep. (Generally, interest is charged on any unpaid tax from the due date of the return until the date of payment. The interest rate is determined every three months and is the federal short–term rate plus 3 percent. Interest is compounded daily)
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