Consider this: In addition to the failure to file penalty, the interest on taxes that are late add to the burden of the initial amount you owed. The failure to file penalty can balloon up to as much as 25 percent, and that is something you don’t need!
If you don’t take action, this nightmare will continue and lead to liens placed on your property, ruined credit, and eventually a levy that gives the IRS the right to seize your bank account, personal property, assets, and business if you are self-employed.
