What To Do if You Owe the IRS
April 10, 2009
If you owe tax to the IRS but you can’t pay the full balance right now, you have some options. Follow these tips to avoid additional penalties and interest. First, file your taxes or file an extension by April 15th. However, the extension does not grant you additional time to pay the tax due and if you think you will owe money you should pay as much as you can of your projected tax with the extension.
For those who are tight on cash right now, you are not alone, and the IRS has offered to allow a “grace period” of 30 to 120 days to pay the tax based on your circumstances. Penalties and interest will be lower if you qualify and can pay the tax in a month to three months. You can complete an Online Payment Agreement Application or call the IRS at 1-800-829-1040.
If your tax payment due is less than $25,000 you can request installment payments online through the Online Payment Agreement Application and receive immediate notification of approval.
Finally you can pay your tax balance with your credit card. Below are links to IRS authorized service providers. There is no IRS fee to pay with credit card, but the provider will charge a convenience fee for the transaction.
Link2Gov Corporation:
To pay by debit or credit card: 888-PAY-1040 (888-729-1040), http://www.pay1040.com
Official Payments Corporation:
To pay by credit card: 800-2PAY-TAX (800-272-9829), http://www.officialpayments.com
To pay by debit card: 800-866-4PAY-TAX (866-472-9829), http://www.officialpayment.com/debit
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August 11, 2011 at 5:50am | Permalink
If you owe the IRS money, you will want to consult with an enrolled agent, Certified Public Accountant, or attorney who concentrates in resolving IRS matters. A representative experienced in practicing before the IRS can advise you of your taxpayer’s rights and of alternative actions you may take. Your representative acts as a buffer between you and the IRS and allows you the freedom to concentrate on making a living rather than being involved in a potential conflict with an IRS person. Representatives experienced in handling IRS problems can explain IRS policies and procedures and help you develop an action plan for resolving the debt in question.
September 29, 2011 at 9:25pm | Permalink
One of the first steps to negotiating a favorable installment agreement is the completion of a Form 433A, Collection Information Statement for Individuals or Form 433-B, Collection Information Statement for Business. These forms provide the RO with the type, location, and value of assets; nature and amount of liabilities; and your monthly cash coming in and flowing out. Form 433A and 433B are signed by you under penalties of perjury.
October 16, 2011 at 1:08am | Permalink
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December 11, 2011 at 12:05am | Permalink
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