Can’t Pay Back The IRS Right Away? You Still Have Options

If you find yourself in a situation where you owe the IRS more money than you can pay, it’s undeniably stressful. This can and does happen to taxpayers all the time, so it’s not a reflection of you as a person or your ability to stay fiscally responsible. It’s important to keep in mind that no matter how disastrous the situation may seem, the worst thing you can do is attempt to avoid the consequences by doing nothing. In many cases, there are ways to proactively tackle the situation that will ultimately lead to a positive outcome.

How Did This Happen?

It’s very common to owe money to the IRS. When individuals owe a lot of money to the IRS, it’s usually because they did not have their income taxes withheld. Filling out the appropriate paperwork with your employer will typically avoid being surprised during tax season. It can also happen to small business owners who choose to file and pay taxes yearly rather than quarterly. No matter what unforeseen circumstances arise, the IRS expects every taxpayer to fulfill their tax obligations. 

The Consequences of Doing Nothing

As previously mentioned, the problem, unfortunately, won’t go away on its own. Left to its own devices, the IRS will use its resources to get the money they’re owed. This could lead to severe penalties and interest on unpaid taxes, which have a habit of accumulating–making repayment even more difficult. The IRS can also take collection actions as penalties and to recoup their “losses.” Over time, the IRS may seize assets, place liens on your property, garnish wages, or even revoke your passport. As Benjamin Franklin once famously said, “…In this world, nothing is certain except death and taxes.”

Taking Action

Thankfully, there are ways you can take back control of the situation. You’re not a helpless agent in this scenario. The most important thing to remember is that even if you don’t have the money to pay back the IRS right away, you should always file your taxes and pay what you can. Rather than buying you time, avoiding the filing process will just lead to more fines, interest, and possible legal action from the IRS.

The next thing you should do is contact an experienced tax attorney to discuss your options. Your attorney can give you the guidance and peace of mind you need to get past this difficult situation. You can work with your attorney to gather all the necessary documentation and information to assist in negotiating with the IRS. You may be eligible for payment plans or installments. Being proactive and transparent with the IRS will show that you are not avoiding payment in bad faith. 

Every taxpayer’s situation is unique, and the IRS will take certain factors into account when determining eligibility for payment plans or settlements. Having a tax attorney on your side will improve your chances of a good outcome. Even if you are still avoiding filing taxes, you have options, and we encourage you to take action by contacting the office of Weisberg Kainen Mark. Our experienced and knowledgeable team of tax attorneys can help you regain control of your tax situation. For a free consultation, call (305) 374-5544 today.

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Weisberg Kainen Mark, PL

As experienced trial lawyers with a passion for justice, our firm provides clients with compelling advocacy, attorney availability, and creative solutions to your tax or criminal law matters.

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