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Registered
Join Date: Dec 2006
Location: Somewhere.
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What happens if you cant pay your tax?
What happens in the US if you get a tax bill that you just cant pay.
Are you allowed time to try and pay it, instalments or what? Scott
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88 carrera Using the teutonic shift method since 1990. |
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Monkey with a mouse
Join Date: Oct 2000
Location: SoCal
Posts: 6,006
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Firing squad, usually.
Best, Kurt ![]() |
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Cars & Coffee Killer
Join Date: Sep 2004
Location: State of Failure
Posts: 32,246
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Get a tax attorney ASAP.
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Some Porsches long ago...then a wankle... 5 liters of VVT fury now -Chris "There is freedom in risk, just as there is oppression in security." |
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Registered
Join Date: Dec 2006
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Most helpful
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88 carrera Using the teutonic shift method since 1990. |
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Work in Progress
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I have heard it is cheaper to pay your taxes on your credit card and pay the 18% interest than it is to get hit with the IRS late fees, charges, and interest.
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"The reason most people give up is because they look at how far they have to go, not how far they have come." -Bruce Anderson via FB -Marine Blue '87 930 |
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Banned
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You can set up installment payments
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Registered
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They will set up a payment program which will include a penalty and (I think) interest. If you don't cooperate then it escalates to garnished wages, seized property and/or jail.
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Warren & Ron, may you rest in Peace. |
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Registered
Join Date: Sep 2002
Location: dfw tx
Posts: 3,957
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Punitive penalties and high interest, mostly. Ask me how I know... But they will work with you.
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72 914 2056: 74 9146 2.2: 76 914 2.0 |
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Registered
Join Date: Dec 2006
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Posts: 1,632
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Nice answers guys.
Are they allowed to start seizing your goods straight away or do they need a court order for it?
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88 carrera Using the teutonic shift method since 1990. |
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Sultan of Sawzall
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Quote:
![]() (probably be easier to renounce your US citizenship, go to Mexico, then come BACK across the border).
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Gruppe B #319 2 '86 911 Carrera coupes (red & white) '66 Corsa convertible 140/4(red) '66 Monza coupe 110/PG(white) '95 993 cabriolet (wife's) |
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Registered
Join Date: May 2005
Location: trumpistan
Posts: 9,906
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Call Ronnie Deutch. You will only have to pay twenty bucks.
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Enemy of the State Brandolini’s Law: It takes hours more time, research, and writing to debunk misinformation than it takes to spread it. |
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(the shotguns)
Join Date: Feb 2006
Location: Maryland
Posts: 21,675
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Douche and friends are the reason OIC's have become such a waste of time these days.
In answer to the question: penalties, interest, hate mail, garnishments, siezures, etc.
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***************************************** Well i had #6 adjusted perfectly but then just before i tightened it a butterfly in Zimbabwe farted and now i have to start all over again! I believe we all make mistakes but I will not validate your poor choices and/or perversions and subsidize the results your actions. |
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Registered
Join Date: Aug 2000
Location: Palm Beach, Florida, USA
Posts: 7,713
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The answer is yes, you can get on an installment plan and yes, the interest rate can be favorable. You don't need an attorney. Just go to any competent accountant, CPA or not, and explain the situation. It is not a big deal, it won't cost you a lot to file your returns with a payment plan, it is not a huge problem.
As long as you file your tax return and set up the payment plan you won't get hit with penalties. But you need to file the return even if you don't have the money to pay it. The penalties get big for non-filing. A few years ago we had some sort of an income spike, I think we sold some stock to put a down payment on a house, and got hit with more taxes than we were planning. The guy who does our taxes, just a regular accountant/bookkeeper type guy, did the returns as usual and signed us up for installment payments on the spot. It's just another form to fill out, you don't need permission or anything. At that time the rate the IRS gave if you filed on time was lower than anything we could have borrowed. I don't know what it is now. The important thing to understand is that this is nothing to be afraid of and you can pay your taxes over time as long as you file timely and accurately.
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MRM 1994 Carrera |
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canna change law physics
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Actually, it's simpler than that. File your return, but don't send the money. The IRS will contact you and you can setup a payment plan.
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James The pessimist complains about the wind; the optimist expects it to change; the engineer adjusts the sails.- William Arthur Ward (1921-1994) Red-beard for President, 2020 |
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Trying to work for parts!
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All in all they are pretty easy to work with. They would rather have your check then your house.
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86 Metallic Grey 85.5 Metallic graphite - Gone |
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Dog-faced pony soldier
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Stick it to the man.
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A car, a 911, a motorbike and a few surfboards Black Cars Matter |
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Registered
Join Date: Jul 2002
Location: Ogden, Utah
Posts: 942
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I understand this was what Al Capone asked before heading to PMITA prison.
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canna change law physics
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Federal PMITA prison...
You are a very very bad man.
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James The pessimist complains about the wind; the optimist expects it to change; the engineer adjusts the sails.- William Arthur Ward (1921-1994) Red-beard for President, 2020 |
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Ferdinand Magazine
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So they finally caught up with you Scott. Silly of you to try one last run to Vegas to get the jewels out.
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Sheriff at www.impactbumpers.com Brand support at classicretrofit.com/tuthillporsche.com 1976 Porsche 911 Carrera 3.0: 'The Orange' - 1981 924 Turbo - 1983 944 Lux - Too many BMW motorcycles |
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Registered
Join Date: Dec 2006
Location: Somewhere.
Posts: 1,632
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Quote:
![]() PAYE for me, every time.
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88 carrera Using the teutonic shift method since 1990. |
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