What Is The Definition Of Taxpayer Delinquency?

Taxpayer delinquency refers to a situation where an individual or business fails to fulfil their tax obligations, impacting the national economy and burdening compliant taxpayers. Delinquencies can arise due to financial difficulties, poor cash flow, or intentional evasion and may result in penalties, interest charges or legal action; addressing delinquencies with proactive solutions is essential to maintain financial well-being.