If you received a letter from the IRS, it is usually to notify you of a:
- Balance due
- Larger or smaller refund than expected
- Question about your tax return
- Delay in processing your return
- Change made to your return
The IRS may also simply need additional information or to verify your identity or return information.
- Respond to the IRS in a timely manner to minimize fees, such as additional interest and penalty charges, and to preserve your appeal rights.
- Resolve your debt by making payments when agreed upon, even if you can’t pay the full amount owed.
- Retain copies of letters, notices and/or agreements; you may need these later.
- Reach out to the IRS or a tax professional if you are unsure what to do.
How long do you have to pay, if you owe back taxes?
This can vary from making at least a partial payment now to up to 72 months to pay off your taxes in installments. To better understand your options and the implications, there are ways to take action.
Remember, you’re not alone.
Each year, countless taxpayers incur tax debt and associated penalties. If you’re in debt to the IRS, don’t give up hope – there are ways to get yourself out of debt, and often, the right tax preparer can really help with tax debt.
Jackson Hewitt Tax Debt Resolution Service can help clients in select states and offers a free consultation and a 100% money-back guarantee if you are not happy with the resolution options presented during the discovery phase. Plus, we handle all kinds of tax debt situations from large to small and simple to complex.
About the Author
Mark Steber is Chief Tax Information Officer, responsible for key initiatives that support overall tax service delivery and quality assurance. Mark also serves as a Jackson Hewitt liaison with the Internal Revenue Service, states, and other government authorities. With over 30 years of tax experience and deep knowledge of the federal and state tax codes, Mark is widely referenced as an expert on consumer income tax issues, especially electronic-tax and data-protection issues.
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