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I have been through this and the answer is it all depends...
If you have no real assetts (house, car owned outright, boat, etc.) you're in pretty good shape. If you have assetts, prepare to lose them.
If you didn't file, you will be slapped with extra penalties and fees that will more than double what you actually would have had to pay if you filed on time.
The thing you need to do is file and get compliant. And nothing occurs very acutely...it's all a process...it could take many months before you have to pay the IRS anything. The key is to maintain communication and to be sure you contact them before they contact you! It was over a full year from the time I got compliant to the time I had to pay a single cent...and I am on a payment plan now. The second you sign off on a payment plan the penalties and interest stops and you will make 60 monthly payments. If you can't afford the full payment you can submit a budget and the IRS will tell you how much you can afford per month...and then you have to live with that.
If you have no means whatsoever to pay ythe IRS back you file an Offer in Compromise which will GREATLY reduce (close to eliminate) your tax bill. But your future income will qualify as means of repayment.
Bottom line is it's a much nicer, kinder IRS...but if you owe and have assetts, they will certainly take them. But you're not going to go to jail anymore...unless you pull a Richard Hatch and come to an agreement then decide to say, fuck you...I'm not going to pay afterall.
Best of luck!
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