What are the consequences for failing to report income on taxes?

In Virginia, the consequences for failing to report income on taxes can range from civil to criminal punishments. Civil penalties may include interest and penalties on unpaid taxes or filing incorrect returns. A person may also face a lawsuit from the state or local government. Criminal penalties, however, are much more severe. Depending on the amount of money involved, individuals can be charged with a felony or misdemeanor. A felony conviction can result in a prison sentence of up to five years, as well as fines of up to $100,000. Misdemeanor convictions can result in jail time of up to 12 months, as well as fines of up to $2,500. Additionally, a conviction of tax fraud can lead to a loss of taxpayer rights, including the right to vote and the right to hold public office. In addition to the legal consequences imposed by the state, individuals who fail to report income on taxes may also face financial penalties by the Internal Revenue Service (IRS). The IRS may impose a variety of fines, such as payment of back taxes, civil penalties, and even criminal penalties, depending on the amount of taxes owed. Ultimately, failing to report income on taxes can have serious consequences. To avoid legal issues, individuals should be sure to accurately report all income and pay required taxes.

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What are the consequences for failing to report income on taxes?

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