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Post Filing IssuesPenaltiesTo be sure that all taxpayers pay their fair share of taxes, the law provides penalties if you do not file returns or pay taxes as required. Criminal penalties may be imposed for willful failure to file, tax evasion, or making a false statement. These penalties will not apply if you can show that the failures
were due to reasonable cause and not willful neglect. Failure to withhold, deposit, or pay taxes Failure to follow information reporting requirements Failure to file information returns Failure to furnish correct payee statements
Important References Publication 583 Starting a Business and Keeping Records |