What can happen if you don't file your taxes?
The IRS will make a return for you (and you won't like it)
The IRS will put together a tax return for you, based on the information already in its system via internal versions of the tax forms you receive, like the W-2.
"We just do the basic filing because we wouldnt know what else youre qualified for," Riley said. Deductions aren't itemized, and assets — like securities — are treated as pure profit. If you sold $100,000 in stock, for instance, the IRS-generated return will treat it as a $100,000 gain, even if you sold it at a loss.