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In a few days, taxpayers who requested an extension will need to file their tax returns. If you have a tax return ready to be filed and don't have the money to pay, file your tax return. Do not let the fact that you do not have the money to pay stand in the way of filing your tax return. If you file on time, you will eliminate the Failure to File penalty and you will be Compliant with the IRS.
1. SEND IN YOUR TAX RETURN
If you do not have the money to send to the IRS for your taxes due, you need to send in your tax return by the filing deadline. Yes there is a penalty for paying late but the penalty for filing late is much more severe. Failure to file can also have criminal implications. So, the "moral of this story" is this: file your tax returns on time.
2. CAN'T PAY THE IRS? TRY AND FIND THE MONEY
No matter how much that you owe for back taxes, you should look to find possible sources to obtain this money. You should consider accessing equity in your home, credit cards, savings, or cashing out vacation pay. Whatever you do, do not tap into your IRA or 401K. Doind so will only create more tax problems for you.
3. IF YOU NEED "JUST A LITTLE TIME"
Without a doubt, it is best to pay your tax debt at the time of filing your tax returns. However, if you need "just a little time" to pay you taxes, time for your next paycheck or time from some other source, don't worry. You can do that. if you filed your tax returns on time but did not pay, the IRS will send you a notice stating how much you owe and the interest that has been added.
If you know that you will have the money to send to the IRS in a shot period of time, it may make a lot sense to wait until the IRS sends you a bill. The amount of interest at that time may be considerably less than other sources.
4. CONSIDER AN IRS INSTALLMENT AGREEMENT / PAYMENT PLAN
The IRS / Federal Government would like to get their money over a period of time rather than not at all, the IRS does have an Installment Agreement for those who cannot pay their taxes in full. The IRS will give you options to pay by mail or by automatic deductions of the bank account, debit card or from your paycheck.
PLEASE NOTE: We, at Flat Fee Tax Service, Inc., always recommend that a taxpayer look at all of the options before agreeing to an IRS Installment Agreement. Your options may include: amending your tax returns, requesting a Penalty Abatement, filing for an IRS settlement through the Offer in Compromise program or being declared Currently not Collectible.
5. IF AN INSTALLMENT AGREEMENT WILL NOT WORK FOR YOU
If you do not have the ability to find the money or just don't have the money to enter into an IRS Installment Agreement, you should look at 2 strategies to resolve your back tax debt.
One is to settle with the IRS for less. The program to settle with the IRS is called an Offer in Compromise. The IRS has, this year, eased up on their eligibility requirements and more people are qualified to settle. An Offer in Compromise can be paid in a lump sum or in monthly payments.
Also, you could be declared to be Currently not Collectible. This means that you do not have enough money, after taking into account your allowable expenses, to pay the IRS anything. If you are on a fixed income, Social Security or Social Security Disability (SSDI), yo may very well be Currently not Collectible.
An Offer in Compromise or being declared Currently not Collectible are evaluated on a case by case basis. You may not be approved but the IRS has a formula in the decision making. The experienced Tax Attorneys and staff at Flat Fee Tax Service, Inc. are well versed in IRS standards and policies. We will know after our consultation if you are indeed qualified and eligible to be declared Currently not Collectible or qualified to settle with the IRS for less.
I am Dave Rosa, the V.P. of Client Relations at Flat Fee Tax Service, Inc. I will be conducting your free and confidential consultation. When you and I have that conversation, we will discuss what the IRS is doing to collect your back tax debt. We will also discuss if you have any delinquent / unfiled tax returns that need to be addressed. We will, at that time, have an action plan that will resolve your IRS problems.
WHY FLAT FEE TAX SERVICE, INC. WHEN YOU HAVE IRS DEBT: