Sharon Wu

I'm working with ConsumerAffairs to write an informative article about what happens if you don’t pay taxes. I need US-based industry experts (e.g., CPAs, tax attorneys, certified financial tax professionals, certified tax resolution professionals, former IRS agents/revenue officers, etc.) to share unique insights. To be considered, please answer the following questions (all or the ones you can answer): 1. What penalties apply if you don't pay taxes on time? How is interest on unpaid taxes calculated? What is the failure-to-pay penalty? Here, it would be helpful to detail 1) Explanation of penalties and interest rates 2) Calculation of failure-to-pay penalties 3) Impact of penalties on overall tax debt 2. What enforcement actions can the IRS take? How do tax liens and levies affect you? Can unpaid taxes lead to criminal charges? Here, it would be helpful to detail 1) Description of tax liens and levies 2) Potential for criminal prosecution in cases of tax evasion 3) Impact on credit and financial stability 3. What are IRS installment agreements? How does an Offer in Compromise work? What is Currently Not Collectible status? Here, it would be helpful to detail 1) Overview of payment plans and installment agreements 2) Explanation of Offer in Compromise 3) Criteria for Currently Not Collectible status 4. Can you go to jail for not paying taxes? What are the civil penalties for unpaid taxes? How does the IRS pursue legal action? Here, it would be helpful to detail 1) Differences between civil and criminal penalties 2) Legal processes for tax evasion cases 3) Examples of legal actions taken by the IRS 5. How can you prevent tax penalties? What are the benefits of timely tax filing? How does tax planning help manage obligations? Here, it would be helpful to detail 1) Importance of timely filing and payment 2) Benefits of professional tax advice 3) Strategies for effective tax planning Finally, please provide: 1) your role/title, a link to your LinkedIn profile, company website, and company descriptor 2) a good email to follow up if needed (MUST be the source’s email) IMPORTANT: We can’t accept/use AI-written responses, or responses you’ve already submitted elsewhere. Also, I’m not looking for surface-level information easily found online. These questions are meant more as a guide to get more nuanced, in-depth expertise from you :) Please share relevant common hypothetical scenarios or client experiences to back up answers. Thanks!

I'm working with ConsumerAffairs to write an informative article about what the penalty is for filing taxes late. I need US-based industry experts (e.g., CPAs, tax attorneys, certified financial tax professionals, certified tax resolution professionals, former IRS agents/revenue officers, etc.) to share unique insights. To be considered, please answer the following questions (all or the ones you can answer): 1. What is the failure-to-file penalty? How is the penalty calculated? What are the maximum penalties? Here, it would be helpful to detail 1) Explanation of the 5% monthly penalty 2) Maximum penalty cap at 25% 3) Minimum penalty for returns over 60 days late 2. What is the failure-to-pay penalty? How does it differ from the failure-to-file penalty? How is interest calculated on unpaid taxes? Here, it would be helpful to detail 1) 0.5% monthly penalty on unpaid taxes 2) Interest rates and daily compounding 3) Maximum penalty cap at 25% 3. How can taxpayers qualify for penalty relief? What is the first-time penalty abatement? What constitutes reasonable cause for penalty relief? Here, it would be helpful to detail 1) First-time penalty abatement criteria 2) Reasonable cause examples (e.g., natural disasters, illness) 3) How to request penalty relief from the IRS 4. How do filing extensions work? Do extensions affect penalties? What is the process to request an extension? Here, it would be helpful to detail 1) Automatic six-month extension process 2) Impact on failure-to-file vs. failure-to-pay penalties 3) Importance of paying estimated taxes by the original deadline 5. What happens if you don't file taxes at all? How does the IRS enforce tax collection? What are the long-term impacts of not filing? Here, it would be helpful to detail 1) IRS collection actions (e.g., liens, levies) 2) Loss of refund claims after three years 3) Legal consequences and potential criminal charges Finally, please provide: 1) your role/title, a link to your LinkedIn profile, company website, and company descriptor 2) a good email to follow up if needed (MUST be the source’s email) IMPORTANT: We can’t accept/use AI-written responses, or responses you’ve already submitted elsewhere. Also, I’m not looking for surface-level information easily found online. These questions are meant more as a guide to get more nuanced, in-depth expertise from you :) Please share relevant common hypothetical scenarios or client experiences to back up answers. Thanks!