Cherry Hill NJ - I Owe the IRS!! Now What?
By Tim Dickinson, Accounting, Advisory, and Tax Resolution
(Monarch Controller )
What do you do when you owe the IRS?? Here are your options: NOTHINGPeople seem to love this choice! Maybe if you stick your head in the sand long enough, they will forget all about you? The chances of this happening is slim to none. In fact, the IRS is getting more agressive in tracking down taxpayers and getting them to settle-up. 2. Pay in FullThis is the simpliest option. You owe $x, and you pay them $x. If the balance owed is small enough this choice makes the most sense. Even if you have to borrow to get it done. Unfortunately, most people can't afford to pay in full. 3. Installment AgreementsRemember, the IRS wants it's money. They don't want to have to chase taxpayers down and collect the money you own. Over the last few years the IRS has made paying them monthly mu...
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