For the first time ever, Biden wants to make not filing a tax return a felony.
If you are caught, you could spend up to 5 years in prison and receive up to a $500,000 fine.
If you are caught, you could spend up to 5 years in prison and receive up to a $500,000 fine.
This comes from Bidens 2025 tax proposals.
Yes, the same proposals that mention the 44.6% tax
(which is still in the works)
Yes, the same proposals that mention the 44.6% tax
(which is still in the works)
Biden's proposal noted that we have a voluntary tax system, meaning it is up to the people to determine their taxes and file returns.
But because of this system, some people are choosing not to file returns and determine their tax.
But because of this system, some people are choosing not to file returns and determine their tax.
So Biden is proposing that starting in 2025, anyone who has not filed a tax return in any three years within a consecutive five-year period and owes more than $250,000 be charged with a felony
This is being called an aggravated failure to file a criminal penalty worth up to $500,000 and five years in prison.
If you are a content creator or small business owner that needs professional tax help, head to duke.tax/membership
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