I Can't Pay The Taxes I Owe By The Due Date - What Should I Do?

Real quick, with the deadline for 2019 taxes coming up on the 15th. What should you do if you can't pay what you owe? If you can you should still file your return. Filing an extension is an option for filing but not paying. If you are going to owe taxes and you file an extension the taxes due are still due on the 15th for 2019 returns. So you should pay those with your extension if you file an extension.

Now if you can't pay the taxes due by the 15th, whether you file a return or an extension you still have choices. I would recommend that you pay what you can by the 15th and have a plan to pay the remainder. Typically the IRS will send you a billing notice based on the return filed. When you receive that notice you can call the IRS and ask for more time. Typically they will give you 120 days. Then before that 120 days end you need to be able to resolve what you owe. If you can't pay all of it by then then you need to work something out with the IRS. 

You may be able to file an installment agreement and pay it over time. With this COVID-19 pandemic many will not be able to pay their taxes due because of job losses. In that case other arrangements need to be made. Perhaps an Offer in Compromise can be made to settle for less than what you oweThere are different options that can be explored. 

Don't just ignore the problem as it will result in anxiety that you will carry with you until you get it resolved. Contact me to arrange a consultation for a date time after the 15th. We can discuss your situation and work on a plan to get your taxes paid or compromised. I will typically charge  you $500 for the consultation which can be applied to any work you have me do to help you resolve your tax debts. The $500 fee is for your benefit. When you make that payment you are committing to resolve the issue and you are putting money on it. Too many people to do not address the issue and they let it fester for years. When you have paid me for the consultation it will give you extra motivation to get this done and take action toward getting your tax debts resolved. So let's get going to resolve your situation.

These can be stressful times for taxpayers and negotiating with the IRS can add to anxiety. For me it is what I do and I can help you to try to get a resolution with the IRS for your tax debts. So contact me today using my email address below to arrange a consultation via a phone, Zoom, or Skype call.

The CPA Superhero


Be careful when reading about tax law and its application, including my articles, because the wording and definitions are such a challenge and are influenced by writers perspective, specifically his own clients situations that he is mindful of and other situations the writer is not thinking of. The point is talk to your CPA about your situation and circumstances and don't rely on or make conclusions based on articles you read, including articles form irs.gov, because concepts and definitions are not very clear, and of course, they are subject to change. Now is the time to be having discussions about your situation and developing strategies for you and your business. Again, contact me using my information above to discuss your situation. I help business owners all over the U.S. and in foreign countries with their tax returns.