The IRS is the collection branch of the U.S. Treasury. Money collected by the IRS funds the government and many of its programs, including Social Security and other social safety net programs. In 2022, the IRS collected approximately $475.9 billion (before refunds) in income taxes. Many taxpayers are not able to pay their taxes—or are already struggling with an older tax debt on which penalties and interest have accrued. To save money—and a potential collection action by the IRS—it is important to know the available options.
Taxpayers of all income levels may at some point find themselves in need of a payment option from the IRS. A tax error, penalties for monies held in an unreported tax haven, or tardy turnover of employment taxes can result in a heavy tax debt. If you owe more than you can pay, consider these points to improve your financial picture with the IRS:
If you are a business owner or have a considerable financial profile, consider speaking with a qualified tax attorney about your options before you reach out to the IRS.
From offices in Chicago and Cleveland, Robert J. Fedor Esq. LLC serves local, domestic, and international clients challenged by tax litigation, criminal tax allegations, and offshore tax inquiries. When you need experienced representation on criminal tax matters, call 800-579-0997 or contact us online today.