Categories: General Tax Terms
Unfiled Taxes refer to tax returns that an individual or business has not submitted to the tax authorities for a given tax year. This may occur for various reasons, including oversight, financial difficulties, or disputes regarding the tax owed.
Failure to file taxes can result in penalties, interest on unpaid taxes, and potential legal action by tax authorities. It’s important for taxpayers to address unfiled taxes promptly to mitigate these consequences. For example, an individual who did not file their tax return for the previous year may face fines and should consider filing the return as soon as possible, even if they owe taxes.
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