What are the penalties for not filing taxes?

Failing to file taxes in Virginia can result in serious penalties. The Virginia Department of Taxation requires that taxpayers file their taxes by the due date, usually April 15th. If a taxpayer does not file their taxes on time, Virginia will assess a penalty of 5% of the unpaid tax amount for each month or partial month the return is late, up to a maximum of 25% of the unpaid tax. Additionally, interest accrues on the unpaid taxes beginning 61 days after the return is due. The Virginia Department of Taxation will also impose a late-filing penalty of $50, or 50% of the tax due, whichever is smaller, if a return is not filed within 6 months of the due date. Virginia can also charge taxpayers a negligence penalty if it appears that the taxpayer willfully failed to file their taxes. Virginia imposes a negligence penalty of 10% of the unpaid tax on taxpayers. Furthermore, if any fraudulent activity is found, the taxpayer could face criminal charges and penalties. These penalties are significant and can have a big impact on taxpayers. Therefore, it is important for taxpayers in Virginia to make sure that they file their taxes on time and accurately. Doing so will help taxpayers avoid the penalties associated with not filing taxes.

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What are the penalties for not filing taxes?

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