Effects of not filing a tax return
If you have filed for a tax extension, then you are not alone. The pandemic and the historic economic contraction has probably pushed even the most secure taxpayers to consider asking the IRS for options. With the public scrambling for survival and employment change strategies, tax filing would not be on the top of anyone's priorities. The IRS has already relaxed the date to July 15, but if things are not looking up for you or your business, then the October 15 deadline serves as a worthy option.
But what could be the worst punishment for missing the final date to file? Experts have weighed in on the possible repercussions. The factors could be even remotely related to current crises. It could be a change in business or financial structure changes in your business. But they have burnt t...