As posted by Thomson Reuters on 4/11/18 The April 17th deadline arrived this month . . . and sometimes it happens . . . you don’t have the cash to pay the balance due on your return. You can avoid the Late Filing of Return Penalty if you file an extension (generally, six months). But the money is still due meaning that the Late Payment of Tax Penalty and Interest come into play. This Tax Planning Letter reviews methods by which financially distressed taxpayers may be able extend the payment of their income taxes including those outlined in the Table of Contents below: TABLE OF CONTENTS Paying in full within 120 days Installment agreements Offers in compromise Temporarily delaying the collection process PAYING IN FULL WITHIN 120 DAYS A taxpayer can pay the...
