Recent IRS data highlights the urgency for entrepreneurs to address their tax liabilities, as the IRS's increased enforcement efforts are targeting high-income non-filers significantly.
Ignoring back tax issues can lead to severe consequences, with potential penalties reaching up to 25% in the first five months alone, and the risk of substitute return filing looms.
The IRS's budget has increased dramatically due to funding from the Inflation Reduction Act, emphasizing the need for entrepreneurs to be proactive regarding their tax obligations.
Delaying action on back taxes can exacerbate financial stress and legal repercussions, making it imperative for business leaders to address these issues promptly.
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