When a taxpayer fails to pay tax due to the IRS on time they owe back tax. There are 5 key strategies that can be used to pay back taxes owed to the IRS.
A tax settlement company can help you to negotiate a tax reduction plan with the IRS. The plan would aim to provide an affordable and manageable way of settling outstanding tax debts.
The IRS will issue penalties and interest charges on taxes owing. The charges are for failing to pay tax owed and in respect of tax due from a late tax filing.
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You can get some relief from back taxes owed by negotiating a reduction in tax debts with the IRS or an agreement to extend the duration to pay off the tax.
Find out about wage garnishment and how they can be used by the IRS to recover tax debts.
Taxpayers who satisfy certain criteria may receive an offer in compromise or tax reduction from the IRS on their tax liability.