The IRS may seek to impose a criminal offense for failure to file tax returns as required. Even if you do file, the tax returns must be accurate and truthful because if false returns are detected by the IRS, a fraud referral to the Criminal Investigation Division will be generated. Failure to file returns is illegal and a FELONY, and subject to criminal and civil penalties. This means that you can go to prison, pay substantial penalties and be financially destroyed. Willful failure to file returns can result in a punishment of one year in jail and a $25,000 fine ($100,000 in the case of a corporation).
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