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Owing IRS Back Taxes

It is fairly common for taxpayers to accumulate high balances for IRS back taxes and for a wide range of reasons. Owing the IRS back taxes isn’t the worst thing in the world, but it can certainly feel that way if don’t have the money to pay it off. Regardless, it’s never a good idea to just ignore it since late-payment penalties are accruing each day. It may take some time, but there are ways to fix your tax debt problems. And if the amount you owe is substantial, it can be beneficial to hire a tax professional who can negotiate with the IRS on your behalf.

Reasons for Back Taxes

There are many reasons why you may still owe back taxes to the IRS, but really, it always comes down to underpaying your income tax. This can result if your employer doesn’t withhold enough tax from your paycheck to cover what you actually owe at the end of the year. If you’re self-employed, however, it’s likely because you didn’t make sufficient estimated tax payments. And in some cases, your unpaid tax debt can even be the result of an IRS adjustment that increases your tax after an audit.

IRS Installment Agreements

If you owe the IRS because of insufficient withholding at work, you should consider reducing the number of allowances you claim on your W-4. However, this only prevents owing tax in the future, but it doesn’t solve the problem your currently facing. If your amount of IRS back taxes is substantial and you can’t pay it off in one lump-sum, one option is to request an installment agreement online or by filing Form 9465. Generally, if your tax debt is $10,000 or less, you may be eligible for a guaranteed acceptance by the IRS. If you qualify, the benefit is that the IRS lets you make monthly payments that are a little more manageable.

Post-Agreement Tax Compliance

After the IRS approves your payment plan, it’s incredibly important that you get every payment in on time. In addition, acceptance of your installment agreement by the IRS is contingent on your full compliance with the tax laws for the duration of the repayment period. This means you must file all future tax returns by the deadline and make sure you arrange a sufficient amount of tax withholding so that you don’t underpay your taxes again. If you fully comply, the IRS agrees not pursue some of the harsher collection procedures it has at its disposal, which includes wage garnishment and tax liens.

Tax Penalties & Interest

When you accrue back taxes, the IRS increases the amount you owe by a one-half percent late-payment penalty every month until the tax is paid off. Depending on your specific circumstances, and your level of cooperation, the IRS may waive or reduce the monthly penalty charges. If you’re monthly penalties are out of control, this is when it may be helpful to use an accountant or lawyer who has experience negotiating taxpayer settlements with the IRS before signing off on the installment agreement.

Reference: IRS Notice 746-Information about Your Notice, Penalty and Interest