As the tax season comes closer to an end, many people are happy to see it go. If you haven’t yet filed your taxes and are worried that you’ll need to pay out too much in the midst of the current economic crisis, think carefully about what you do next.
When there is a serious issue like coronavirus at play, you might think that it’s better not to pay what you owe or that you can skip paying taxes completely. That’s a bad idea because you could be accused of tax evasion, a kind of white collar crime.
It’s also important to note that the government is working to change tax deadlines and to make life easier while many businesses are shut down. Avoiding your obligation might not be necessary if you’re given more time, so don’t risk doing something that could end up leading to fines or time in jail.
Did you know that the IRS has currently closed face-to-face tax services all across America? The Internal Revenue Service is, as of March 20, still processing tax returns. Helpfully, the IRS has moved the deadline for payments until July 15, 2020. As of now, you do still need to file your return by April 15. So, even if you’re unable to make your payments now, that doesn’t matter. Still file your tax return, so that you don’t miss the April 15 deadline and potentially put yourself on the IRS’s radar.
If the time comes and you are accused of skipping out on paying taxes or failing to file a return on purpose, you will want to build a defense as soon as you can.