So you owe the IRS, now what?
April 15th has come and gone, but unfortunately for some people the issues with the IRS are just beginning. If after filing your tax return you find yourself owing the IRS money it is time to look at your options. Before we discuss what can be done it is important to mention what should not be done. Do not ignore the situation. The IRS tends to be very reasonable to deal with, when you let them know what is going on. If you are receiving notices and ignoring the situation you are simply going to make a bad situation worse.
Now for the options
Just remember, if you owe the IRS money there are options. It is important to get in touch with the IRS or your tax professional early, don’t wait for the IRS to come to you.
Ryan Stone has been an Enrolled Agent (EA) for 3 years and has worked in the accounting industry for 5 years. He specializes in individual and small business taxes plus tax mitigation.