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You don't go to jail for filing a wrong number accidentally. Only if you are intentionally lying/hiding income. I know people who didn't pay tax FOR THEIR BUS
by nightski 7y ago
You don't go to jail for filing a wrong number accidentally. Only if you are intentionally lying/hiding income. I know people who didn't pay tax FOR THEIR BUSINESS for several years and they settled the debt for much less than they owed and definitely did not go to jail. This is just misinformation.
- roddds 7y agoIt's called hyperbole.
- pricees 7y agoI think you mean tax evasion. Hyperbole is completely different.
- kmonsen 7y agoThis is true, but you can be asked to pay gigantic fines. IRS wanted me to pay more than 50k in fine (luckily they were wrong and accepted that right away). So maybe jail is hyperbole, but it can get pretty serious.
- TheCoelacanth 7y ago50k fine or 50k back taxes plus fine?
- SilasX 7y agoIf that's true, then what's the point of paying business taxes? When the IRS finds out, you just pay less than you would otherwise, and much later.
- nightski 7y agoHaving a tax lien on your business is not fun. Neither is going through the settlement process. You also are not guaranteed a settlement and could end up owing the full amount plus interest. At best they let you pay it over time. At worst they take your property and liquidate it. But jail time is unlikely unless you had malicious intent.