Effect of not paying tax to tax authorities.

[PICKFORD]

Let's be honest. Whenever you owe the IRS cash and can't pay, it's not difficult to put off managing the issue. This is typically because of an anxiety toward the unexplored world. Will reaching the IRS place you in significantly more difficulty?
Actually you ought to possibly be concerned assuming you dismiss the issue. In the event that you disregard your duty obligation, the IRS can utilize an assortment of strategies to constrain you to pay, including government charge liens, collects, and compensation garnishments. This is notwithstanding the fines and premium that will gather. Notwithstanding, assuming you're as yet unsure about reaching the IRS, here are the Top Consequences of Ignoring Your Tax Bill.

1. IRS notification will be shipped off you:
Prior to utilizing authorization techniques to gather your obligation, the IRS should advise you of your assessment bill and send you explicit takes note. IRS letters and notification are a minor disturbance all by themselves, however overlooking them can prompt more genuine results.

2. The IRS has the position to hold onto your discount:
On the off chance that you owe the IRS cash and get an assessment discount in an ensuing year, the IRS will keep the cash. That is valid whether or not you have settled on an installment understanding. Fortunately your discount will bring down your duty charge, bringing down your advantage too.

3. Your equilibrium will accumulate interest:
The IRS will charge you interest on top of your duty bill. The interest develops in lockstep with the equilibrium. The current yearly development rate is 6%.

4. The IRS will exact punishments against you:
The IRS forces an inability to suffer consequence on your past due charge balance notwithstanding revenue (0.5 percent each month). Assuming that the IRS has given you different warnings to gather and you haven't made arrangements to pay, the punishment rate pairs to 1% each month. Be that as it may, there is some uplifting news. The punishment rate lessens to 0.25 percent every month once you set up an installment concurrence with the IRS.

5. The IRS might give a public notification of a government charge lien:
The IRS can document a Notice of Federal Tax Lien assuming that you owe expenses to the IRS and got a notification in regards to the equilibrium owing yet didn't pay. A government charge lien tells lenders of your obligation.
TTax tax

 

[Jasz]

If a company does not pay their taxes to the tax authorities, that company will be charged with tax evasion. Tax evasion is illegal under the tax code in almost every country in the world. The penalties for being found guilty of tax evasion can involve a significant fine or time in prison.

 

[Kingsley]

Taxation is a compulsory Levi been charged by the government of a country on goods and services, and on the individuals and corporate bodies in the country. Taxing is been levied on almost everything we see in a country, all individuals pays tax either directly or indirectly, now in the case of direct tax we will consider the tax on incomes as direct tax, this are basically taxes on people's income a percentage of their income is been payed to the government of a country and they are directly deductions from people's salaries and wages. Then the indirect taxes are those levied on goods and services like PAYE, excise duties, for importation and exportations, government charges tax on those items and the addition charges are been borne by the finally consumers, finally taxes are levied on companies, which we called company income tax. And we also education tax and petroleum income tax aswel. So all these taxes from both direct and indirect sources is paid into the federation account now the single treasury account. The monies are meant to render essential services to the citizens of that particular country. To provide more roads, schools, markets, health facilities and even stable power supply and security in the country.

 

[funmi]

The money derived from taxation is been used from a lot of purpose by the government. In fact taxation is seen as one of the two major ways the government of a country can generate income. That is the government is open to taxation and non taxation income. The government uses this fund to provide the basic things a country requires to.prosper. like building well enquiped hospital, to build schools with the art and science facilities, to construct good and accessible roads, to also provide good water supply and stable electricity, even to provide security in a country. The government should also provide a level playing ground for infant industries. And empower the youths of her country through the tax payer monies. But sadly this is not the case in my country as tax money are been embezzled and nothing is been done in those areas. The government here is lagging behind alot . and the worse part is they don't like been corrected else you will be seen as the enemy of the government. One can be arrested and detained unjustly or even be killed. As the country is not even safe any more. People struggle to fend for themselves.