Certain life events, misinterpreting taxation regulations, filling out and submitting the wrong form, or simply forgetting—these are some of the most common reasons for having unfiled tax returns.
We know this too well as providers of CPA tax preparation in Troy, Michigan. That said, all hope is not lost. There are several steps you can take depending on your own special circumstances. But first, what are the consequences of failing to file?
Per our tax experts at MET Certified Public Accountant at our CPA firm in Michigan, some of the consequences you can expect from failure to file include penalties and interests, freezing of your assets and accounts, and potential criminal charges depending on the length of time you have failed to file taxes, whether your income is higher than a certain minimum amount of income, etc.
Fortunately, you will most likely just have to resolve your tax debts. If you fail to do so, however, here are among the legal actions that you can expect from the Collection Services of Bureau if you fail to resolve any outstanding tax you owe.
- Liens on Real and Personal property
- Tax Warrants (Seizure of Business and Personal Property)
- Wage Levies
- Financial Institution Levies
- Other types of Levies such as holding a license in escrow, rental income, or insurance proceeds
When you find yourself in this situation, do not hesitate to enlist our certified public accountant services. Led by our very own CPA healthcare expert and business consultant Maria Elizabeth J. Tibudan, you can trust us to advocate for you and provide you more than just cookie-cutter service.