Hi, I’m Tim Mayclin, CPA from Rohnert Park California. The question I get a lot is, “What happens if I can’t pay my taxes on April 15th?” And there’s three options. One is you can set up a payment plan with the IRS. The other is if you can pay it off in 120 days, you don’t have to set up a formal plan, and the third is what’s called “offer in compromise“.
The “offer and compromise” is a very involved process, and you really wanna to have your CPA help you out with it. Setting up a payment plan is easy. You can either call the IRS yourself, or a CPA can help you do that. CPAs typically speak to the IRS quite frequently. We can call them and talk to them about what the options are, and set up a payment plan for you. All we need is a power of attorney.
If this fits your situation, contact your local CPA and see if they can help.