Many employees have transitioned to working from home as the COVID-19 pandemic grew. With the coronavirus pandemic still gripping our nation, this trend might continue – and numerous employers coming up with strategies that allow employees to work from home permanently.
Millions of people let their taxes go unfiled every year, and the longer that the situation goes on, the more unsure they get about their predicament. They may ask themselves if it’s better to just never file again if the IRS won’t notice or if something’s going to happen if they do start filing now.
Here’s a comprehensive guide on the consequences of unfiled tax returns and how you can deal with them:
Less than 1% of people who pay their taxes get flagged by the IRS and receive an audit letter. There’re common audit triggers where the IRS can ask you to verify or explain something that’s on your return, such as:
Americans have been urged by the IRS to watch out for tax fraud and scams during the pandemic. This fraud is especially common now due to the increased opportunity available to hackers online because of the internet and the increased number of transactions.
Hundreds of businesses and individual entities fall victim to IRS’s tax fraud allegations every year. While some of them are legit and accountable, others face the consequences of a wrong, misinterpreted calculation.
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