The IRS has introduced the Taxpayer Relief Initiative (TRI). This new set of policies aims to alleviate the cumulative financial strain the pandemic has placed on millions of families.
What happens when you owe the IRS more money than you can afford to pay by the due date?
If just the title of this post is giving you heart palpitations, take a deep breath. Only about 0.45% of tax returns were audited in 2019. Your chances are very low that you will receive a letter from the IRS. Still, there are a few red flags that could prompt the IRS to take a second look at your tax return, and it’s important to know what they are—because forewarned is forearmed.
If you need to pay the IRS how can you do that during the shutdown? Do you need to?
Should you file now or wait until July 15 to file your taxes?