PDF Payment Alternatives When You Owe the IRS
Payment Alternatives
When You Owe the IRS
Internal Revenue Service
Small Business/Self-Employed Division
Traci Suiter
September 12, 2012
The information contained in this presentation is current as of the date it was presented. It should not be considered official guidance.
Fresh Start Initiatives
Help For Struggling Taxpayers
? Expanded access to payment plans
? More flexibility in our offer in
compromise program
Payment Alternatives
? Borrowing ? Payment plans ? Temporary delay in collection
? Offer in Compromise
Avoid Overdue Taxes
? Check your withholding
- Withholding Calculator
- IRS Publication 919
? Make/adjust estimated tax payments
- ? search "estimated taxes"
- IRS publication 505
Penalties and Interest
? Late payment penalty - up to 25% of balance due
? Late filing penalty - Up to 25% of balance due
? Interest on balance due
Payment Alternatives
? Borrowing ? Payment plans ? Temporary delay in collection
? Offer in Compromise
Borrowing
? Cheaper than IRS penalty and interest
? Seek loan before April 15 ? IRS takes credit cards
- See "Pay Your Tax Bill" on
Installment Agreements
? AKA Payment Plans ? Agreement to make monthly payments
? Penalty and interest apply ? User fee may apply
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