Assuming you are in the United States, yes, you can be penalized for failing to file your taxes. The IRS imposes penalties for failure to file a tax return, and these penalties can be substantial.
The penalty for failure to file a tax return is 5% of the unpaid tax for each month or part of a month that the return is late, up to a maximum penalty of 25% of the unpaid tax. If the return is more than 60 days late, the minimum penalty is the smaller of $435 or 100% of the unpaid tax.
In addition, there can be interest charges on any unpaid taxes. The interest rate is determined quarterly and is currently 3%.
If you have not filed your taxes, it is important to take action as soon as possible. You may be able to request an extension to file your return, which would give you more time to prepare your taxes. If you owe money and cannot pay in full, you may be able to set up a payment plan with the IRS.
If you do not take action to file your taxes and/or pay any unpaid tax, the IRS may take more serious enforcement actions, such as levying your bank account, garnishing your wages, or placing a lien on your property.
It is important to consult with a licensed tax professional or attorney if you have questions or concerns about your tax situation. They can help you understand your options and work with the IRS on your behalf.
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