Episode 58: Late Filing

When a taxpayer gets the results on a tax return and there will be a large penalty, is it better to file or not, especially if the taxpayer is not going to pay off the debt?  How do the penalties work - there are failure to file and failure to pay penalties.  Which is worse?  A discussion of what to do when counseling a client in this situation.  Plus, some recent tax news - a little of it related to politics.