If you cannot pay all your taxes immediately, pay as much as you can now because by paying now, you will reduce the amount of interest and penalty you will owe. The IRS would like you to call, write or come see them to discuss your situation. If you contact the IRS, they will likely ask you to complete a Collection Information Statement and provide documentation to substantiate the information you provide. A Collection Information Statement (Form 433-F, Collection Information Statement (ACS), Form 433-A,Collection Information Statement for Wage Earners and Self-Employed Individuals, and Form 433-B, Collection Information Statement for Businesses) helps the IRS compare your monthly income with your monthly expenses to determine the amount you can pay. The Collection Information Statement also serves as a roadmap to your assets that the IRS will use when it initiates collection actions against you if you do not pay.
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Elden Sodowsky provides answers for the most frequently asked questions by clients.

 


Q: What If I Cannot Fully Pay My Taxes?

A: If you cannot pay all your taxes immediately, pay as much as you can now because by paying now, you will reduce the amount of interest and penalty you will owe. The IRS would like you to call, write or come see them to discuss your situation. If you contact the IRS, they will likely ask you to complete a Collection Information Statement and provide documentation to substantiate the information you provide. A Collection Information Statement (Form 433-F, Collection Information Statement (ACS), Form 433-A,Collection Information Statement for Wage Earners and Self-Employed Individuals, and Form 433-B, Collection Information Statement for Businesses) helps the IRS compare your monthly income with your monthly expenses to determine the amount you can pay. The Collection Information Statement also serves as a roadmap to your assets that the IRS will use when it initiates collection actions against you if you do not pay.


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