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Here are 2 tax questions answered. These questions are basic procedural questions that apply in most every taxpayers’ situation.
Common tax questions include knowing what happens when taxes are not filed as scheduled and how an address change is handled by the IRS. Other questions can be found on the IRS’ website under the frequently asked questions section.
What Happens if I Do Not File My Taxes?
The IRS presumes that all taxpayers will pay taxes no later than April 15th as required by law. Taxes that are not paid or a filing that is not made by a taxpayer becomes a late filing, subject to late fees and tax penalties. Taxes that become severely delinquent are subject to enforcement action by the IRS, which includes a wage garnishment, Federal tax lien or levy on property until the taxes are paid.
Advantages
Disadvantages
Do I Need to Report My Change of Address to the IRS?
Generally, taxpayers are not required to notify the IRS directly about an address change. The taxpayer, if an employee, amends their information with the employer who maintains a record of the new address. This is done on the Form W-9
Advantages
Disadvantages
These are a few of the common tax questions asked by taxpayers. The IRS provides a detailed website designed to provide answers and information concerning regulations, laws and required forms. The IRS also maintains an 800-number and other means to provide information to the public.
You should direct specific tax questions that you have directly to the IRS or seek the advice of a qualified tax professional. This will give you the information that is related to your tax situation and an appropriate solution.
Common tax questions include knowing what happens when taxes are not filed as scheduled and how an address change is handled by the IRS. Other questions can be found on the IRS’ website under the frequently asked questions section.
What Happens if I Do Not File My Taxes?
The IRS presumes that all taxpayers will pay taxes no later than April 15th as required by law. Taxes that are not paid or a filing that is not made by a taxpayer becomes a late filing, subject to late fees and tax penalties. Taxes that become severely delinquent are subject to enforcement action by the IRS, which includes a wage garnishment, Federal tax lien or levy on property until the taxes are paid.
Advantages
- Not paying taxes on time may provide and additional period to come up with the amount owed, subject to late fees.
Disadvantages
- IRS may initiate enforcement action against you for late taxes.
- Your wages may be garnished or your property seized in order to satisfy the tax obligation.
Do I Need to Report My Change of Address to the IRS?
Generally, taxpayers are not required to notify the IRS directly about an address change. The taxpayer, if an employee, amends their information with the employer who maintains a record of the new address. This is done on the Form W-9
Advantages
- Once your employer has notified, there is no additional reporting requirement.
- Limits the amount of paperwork that needs to be competed and filed.
Disadvantages
- If you are unemployed or do not work for an employer, you may not receive proper notifications from the IRS.
- A tax refund may not properly arrive to you.
These are a few of the common tax questions asked by taxpayers. The IRS provides a detailed website designed to provide answers and information concerning regulations, laws and required forms. The IRS also maintains an 800-number and other means to provide information to the public.
You should direct specific tax questions that you have directly to the IRS or seek the advice of a qualified tax professional. This will give you the information that is related to your tax situation and an appropriate solution.
