back taxes

Back taxes

Due taxes that have not been paid on time.

Back Taxes

Taxes that an individual or corporation did not pay in a given year. Back taxes incur interest and penalties that add up quickly. The IRS allows for plans to pay back taxes over time, though they continue to accumulate interest in the interim.

back taxes

Unpaid property taxes,which remain a lien on property even after it is sold to another; could result in a forced sale.

References in periodicals archive ?
While many people who received notices owe back taxes, some taxpayers may not owe anything and simply need to provide the Revenue Department additional information or file a return to settle their accounts in our records," said Hassell.
The Supreme Court on Friday invalidated the national tax authorities' imposition of back taxes on the former Industrial Bank of Japan involving its write off of nonperforming loans to an insolvent ''jusen'' housing loan lender.
The issue of back taxes can get on your nerves and will hinder your business or job.
The IRS submitted a claim against the bankruptcy estate for $879,000 in back taxes, interest and penalties for 1982 to 1985.
The Government filed a complaint in court on June 25, 1999 to collect the back taxes.
The IRS also suspended for these taxpayers all examinations and actions to collect back taxes for years before 1995 until 180 days after they leave the peace-keeping area.
For example, in 1989 nearly 12,500 owners paid some back taxes and reclaimed their buildings.
Assessments of back taxes along with interest and penalties can place an overwhelming financial burden on the taxpayer.
According to published reports, the IRS demands for the payment of back taxes total in the hundreds of millions of dollars.
This reduces the time it takes for local taxpayers to find quality local CPAs and back taxes help specialists.
More than One Million In-State and 202,000 Out-of-State Delinquents Owe Back Taxes to Pennsylvania
A Moscow court ruled that the government acted illegally when it seized shares of a subsidiary of oil giant Yukos, handing the company a significant victory in its battle with the state over alleged back taxes.