IRS Collection Procedures: The Ultimate Reality Show
Washburn University. School of Business
Kaw Valley Bank
Some 130 million Americans filed federal individual tax returns in 2003. Although many were eligible for refunds, others owed a balance due. As we enter a new tax season, it is easy to understand why many filers dread the annual April 15 filing date, because that also means the entire balance owed is due and payable. What happens if the taxpayer cannot pay the amount owed in full on the due date of April 15? The IRS has several different types of payment plans that can be arranged by calling, writing or visiting the nearest IRS office. Some of these options include setting up a payment plan, or filing an offer in compromise.