How to pay your taxes – if you can’t pay in full: But I am unable to pay at this time:
If you are unable to pay at this time –
Ask the IRS to delay collection and report your account as currently not collectable.
If you can’t pay any of the amount due because payment would prevent you from meeting basic living expenses, you can request that the IRS delay collection until you’re able to pay.
Prior to approving your request, the IRS may ask you to complete a Collection Information Statement and provide proof of your financial status. The form may be Form 433F.
Alerts: remember that even if they delay collection, the IRS will still charge applicable penalties and interest until you pay the full amount. The IRS may file a Notice of Federal Tax Lien. They may also request updated financial information during this temporary delay to review your ability to pay. This has been averaging every two years but may vary.
Next week – How long can the IRS collect taxes….
(IRS Publication 594 and IRS.gov) (TTT 10/01/19)