Saturday, November 12, 2005

What To Do If You Can't Pay Your Tax

Cant Pay - IRS Offer in Compromise

If you are unable to pay your balance in full, the IRS may be able to offer an individual payment plan based on monthly installments.

Direct debit installment agreements provide you with the ability to make timely payments automatically, therefore reducing the possibility of defaulting the agreement.

What To Do If You Can't Pay Your Tax? If you are experiencing a significant financial hardship and are unable to currently pay anything, the IRS may temporarily suspend collection on your account. Interest and late payment penalty will continue to accrue while you make installment payments or while collection is suspended. In addition, if you are a member of the Armed Forces, you may be able to defer payment of income tax that becomes due before or during your military service if your ability to pay is materially affected by your military service.