Owing money to the IRS can be scary, but if you can’t pay your tax bill, there are several options available that could get you back in compliance without paying everything upfront.
One option is to request an IRS installment agreement, which would allow you to pay your taxes over a period of time. There is a usually set-up fee and interest continues to accrue on any unpaid balance. One benefit of requesting an installment agreement is that, in most cases, the IRS can not seize your assets while your installment agreement request is pending.
If you are financially unable to pay, you can request that the IRS suspend collection activities until your finances improve. This is called currently not collectible; in order to qualify for this, you would need to show the IRS that you meet their criteria.
An additional option that may be available if you are financially unable to pay your taxes is to request that the IRS reduce the amount you owe. This is called an offer in compromise and you must meet specific criteria in order to qualify.
Can’t Pay Your Tax Bill? We Can Help
If you are having difficulty paying your taxes, contact us today to request a free consultation to discuss whether you might be able to apply for some of these IRS programs.