What are the penalties for not filing taxes?

In South Carolina, if you do not file your taxes or do not pay taxes due, you may be subject to penalties. Penalties are issued by the South Carolina Department of Revenue. If you fail to file a South Carolina tax return, you may be assessed a late-filing penalty. This penalty is 5% of the taxes due, and accrues for each month the return is late, up to a maximum of 25%. If you fail to pay taxes due, you may be assessed a late-payment penalty in addition to the late-filing penalty. The late-payment penalty is .5% of the unpaid balance due, per month, up to a maximum of 25%. In addition to the above penalties, you may be assessed interest on any taxes due. The interest accrues at a rate of .25% per month, or fraction thereof, from the original due date of the return. If you willfully fail to file your taxes or pay your taxes due, South Carolina criminal tax penalties may apply. These penalties range from a misdemeanor to felonies varying in severity depending on the amount of taxes due and whether there was an intent to evade taxes. If convicted of misdemeanor tax evasion, you may be sentenced to up to one year of imprisonment and/or fined up to $5,000. If convicted of felony tax evasion, you may be sentenced to up to 10 years of imprisonment and/or fined up to $25,000. Tax evasion is a serious offense and it is important to comply with South Carolina tax laws. If you cannot pay your taxes in full, contact the South Carolina Department of Revenue to request a payment plan.

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