Do you owe taxes but are having a hard time paying the IRS? Are you unable to pay anything at all? If so, you have two options: request a temporary delay in collections, or apply for an Offer in Compromise. However, these options are only available if:
- There is reason to believe the amount you owe is incorrect
- The amount you owe is larger than the combined total of future income and current assets
- You are in economic hardship.
You can speak to an IRS agent directly about seeking out one of these options, or you can use their website, IRS.gov, to find all the information you need.
Even if you can’t pay, you shouldn’t push your tax bill aside. You’ll risk being subject to large penalties that greaten the amount you owe. Instead, contact a representative and find out what options are right for you.