If you're wrestling with tax debt, you may have more options than you think, experts say.
If you're wrestling with tax debt, you may have more options than you think, experts say.
You may explore installment agreements, an offer in compromise, currently not collectible status or even penalty abatement.The tax-extension deadline is, and a record 19 million Americans filed for more time to manage their 2021 returns, according to the IRS. While unpaid tax balances for 2021 have racked up late payment penalties since April 18, filers with tax debt may have more options than they think, experts say.
"The IRS is not the boogeyman," said Sheneya Wilson, a certified public accountant and founder of Fola Financial in New York City, who urges filers not to ignore notices from the agency.
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