TSBAS Accounting Bookkeeping Payroll Tax Preparation
  • Home
  • Blog
  • Learn More
    • About >
      • Meet the Team
      • Reviews
    • Services >
      • Tax Debt Relief
      • Accounting & Bookkeeping
      • Tax Services
      • Payroll Services
      • Seminars & Training
      • QuickBooks Services
      • Specialized Services >
        • Spa Bookkeeping
        • Services for Real Estate Agents
  • Schedule
  • Contact Us
  • TSBAS Client Guide
  • Service Requests
    • Payroll Service Quote Request
  • Links to Important Things
  • careers
  • Home
  • Blog
  • Learn More
    • About >
      • Meet the Team
      • Reviews
    • Services >
      • Tax Debt Relief
      • Accounting & Bookkeeping
      • Tax Services
      • Payroll Services
      • Seminars & Training
      • QuickBooks Services
      • Specialized Services >
        • Spa Bookkeeping
        • Services for Real Estate Agents
  • Schedule
  • Contact Us
  • TSBAS Client Guide
  • Service Requests
    • Payroll Service Quote Request
  • Links to Important Things
  • careers

Owing the IRS

3/11/2020

0 Comments

 
Without fail, every tax season we talk to someone who has a tax bill that they cannot pay. Without fail, outside of tax season we talk to someone who didn’t file their taxes because of a tax bill they cannot pay.

When hearing of someone with a large tax bill they cannot pay, many people’s first reaction is, “Didn’t they know they had to pay taxes?” Quite often it is the case that these people were aware they had to pay but didn’t have the means to do so. Some then just push it to the side and hope it never catches up to them. Others intend to pay, never quite get the funds to settle the bill, then decide to not file taxes the next year because of it, and things continue to snowball.

There are a couple things to keep in mind in this situation. One is that the chances you get away without paying are very small. If you received a W2 or a 1099 that says you earned money during the last year, the IRS also received a copy of it. If you owe them money because of it, the agency knows that, too. A second thing to remember is that if you then don’t file taxes, it doesn’t mean it’s going to take longer to catch up to you. The agency will then also know you didn’t file and slap you with extra fees for not filing on top of those for not paying.

No matter what you think about the justice of the tax system, it is not wrong for the IRS to want the money that it is owed. It’s therefore not surprising that the agency recently put out a release that speaks to all the ways you can pay your tax bill. This isn’t bad information to have overall, but issues with nonpayment rarely involve simply not knowing how to get your money to the government.

Lower in that release, though, is some information on what you can do if you have a tax bill you cannot pay. Maybe it shouldn’t be too surprising that the IRS gives less space to these topics than what you can do to simply pay your debt in full but be aware that these things do exist.

Sure, there will be some fees and interest involved when you don’t pay a bill on time. There are ways to get a plan in place immediately, though – and thus minimize that extra money that you have to pay – and there is a lot to be said for the peace of mind that comes with that.

The more you owe, the tougher it can be to gain that peace of mind. Again, however, the sooner you start to move forward on making a plan to do it, the sooner the worries go away. What tactics are the best to use will depend on your situation, so I can’t give a roadmap here for how it would happen. If you want to know how things could be handled for that tax bill you didn’t think you could pay, though, please don’t hesitate to contact us and make an appointment.

Warmly,

Josh Bousquet
Connect to Us ~ 
Facebook ~ Twitter

To ensure we don't make the folks at the IRS ornery, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

0 Comments



Leave a Reply.

    Archives

    May 2025
    April 2025
    March 2025
    February 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017

    RSS Feed

    Categories

    All
    Balance
    Bookkeeping
    Business
    Payroll
    Tax
    Tax Prep
    Tax Return
    Tax Scam

    View my profile on LinkedIn
Website by Odeh Media Group
Copyright ©2025 TSBAS.com, All Rights Reserved
The Small Business Accounting Solution, Inc
50 South 1st Avenue, Coatesville PA 19320
(844) 208-2937
Privacy Policy
​Contact Us
Terms & Conditions