I recommend paying up and going to the Fed before they come to you! Not the coolest people in the world to have hot on your tail.

Not filing can result in:

– interest charges (currently at 6% annually).

– steep failure-to-file charge (where as much as 25% of he tax owed or 75% of if the failure to file is deemed fraudulent).

–  failure-to-pay-penalties as well (also up to 25% of your unpaid tax).

–  In extreme cases, the result is jail time. 

The GOOD NEWS is that the IRS does like to make good with its delinquents. It is known that they are wanting you to correct the situation and try to cooperate with you. SO, tell your friends, relatives, or concious self to put some current paycheck money towards a CPA, and stop running from the Fed!