What would it do?
NOTHING!
You still have to pay your estimated obligation, within 10%, when you file an extension unless you want to pay penalties and interest.
I have a self employed friend who has not even filed a federal income tax return in almost 20 years. He pays all state B&O taxes, etc. He earns a comfortable six figures.
The feds better hurry up and find a way to prove he is not right - before he dies of old age...
Real estate agents got hammered last year. I wonder what’s gonna happen when it is discovered that MILLIONS of them didn’t pay taxes because they couldn’t.
Looks like indentured slavery to the IRS for them...