If you can’t pay your tax obligations with the IRS, it is important to go ahead and get the tax return filed and then work with the Internal Revenue Service in order to set up a payment plan.
The IRS’ Fresh Start Program allows taxpayers with balances of less than $25,000 to set up a monthly installment plan, allowing you to make payments on your balance over a number of years.
For those experiencing more financial difficulty, there is an “Offer In Compromise” option that allows you to settle your tax debt for less than the amount owed.
The interest and penalties for filing your tax return after the final tax deadline can be severe. It is important to get your return filed, even if you need to make arrangements in paying the balance owed to the IRS.
If you have any questions about steps you should take if the October 15th tax extension deadline has passed you by, or for more information about our services, please feel free to contact us for more information.