2007-02-08 11:27:35 · 9 answers · asked by ANNETTE C 1 in Business & Finance ➔ Taxes ➔ United States
Until it is paid off, make sure to set up a payment arrangement where you send in as much as you can, because interest and penalties will be charged until it is paid in full. Figure out what caused the balance,not enough withheld? Change your W4 with your employer to make sure you don't owe again next year. If its due to other income you might want to start making quarterly tax payments towards the taxability of that other income.
2007-02-08 11:32:52 · answer #1 · answered by Anonymous · 2⤊ 1⤋
You must know that interest and penalty will not stop. So the amount you owe is multiplying from the date you owe it. So what ever you can pay now, do it. Even if you have to borrow from other sources, do it and pay IRS; you will be better off. You should go for installment arrangement with IRS. This way you will get time as well the penalty rate is slightly lower than if you do not have any installment arrangement. Offer in Compromise can be filed only if IRS is sure that it can never collect the amount from you.
2016-03-28 22:48:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You will owe them until you pay. If you do not pay, the IRS will help themselves to your bank account and paycheck. They are the most powerful debt collection entity in the US.
If you can carefully hide and get only cash pay, you can stay on the lam for 10 years and the IRS collection power will cease. But you still owe them, they just can't collect!
Say "hi" to Osama while you avoid the IRS.
2007-02-08 12:24:16 · answer #3 · answered by WealthBuilder 4 · 1⤊ 1⤋
You will owe the IRS until you pay them.
2007-02-08 11:30:10 · answer #4 · answered by beached42 4 · 1⤊ 1⤋
IRS will never go away... Call them and make arrangements for
payment. better pay now and later. they will charge you late fees and the interest till the last penny is paid.
2007-02-08 11:37:48 · answer #5 · answered by Dumbass 2 · 0⤊ 1⤋
Until you pay it, if you don't pay they will just stop giving you refunds when you have them and charge you interest and penalties out the wazoo. It is best to pay them. They will arrange payment plans if you can not afford to pay them off. But ignoring them is not a good thing to do, infact it is a very bad thing.
2007-02-08 11:31:37 · answer #6 · answered by Jerry 3 · 1⤊ 1⤋
I THINK THEY WILL LET YOU MAKE PAYMENTS. GO TO THE IRS OFFICE AND GET THE SCOOP
2007-02-08 11:31:51 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Until you pay them. Just like any other debt.
2007-02-08 11:36:36 · answer #8 · answered by Bostonian In MO 7 · 1⤊ 1⤋
Until you pay them in full.
2007-02-08 11:34:53 · answer #9 · answered by Anonymous · 1⤊ 1⤋