While most Connecticut residents filed and paid their taxes on time, there are those who found themselves unable to meet their tax obligations this year. It can happen to anyone. How one decides to deal with tax debt is what matters in this type of situation.
Some people do wonder what would happen if they simply fail to pay their taxes. The truth is, a lot can happen. The Internal Revenue Service is not going to let tax debt slide. It will do whatever it can to collect. The IRS can place liens on property, have passport applications denied, tack on interest and penalties and seize property — among other things.
The government understands that not everyone has the funds on hand to pay significant tax bills every year. This is why they allow for monthly installment agreements and other ways to make paying one’s tax obligation less of a hardship. In order to avoid dealing with collections, it is best to start working with the IRS as soon as possible if unable to pay one’s tax bill. The longer one waits, the worse the consequences will be.
Connecticut residents who have tax debt, whether it is new this year or has been building for a while, do not have to stress about facing the IRS alone in order to deal with it. Taxpayers have the right to have legal counsel assist them with any tax issues that may arise. With the assistance of an experienced tax attorney, it may be possible to find an affordable way to tackle tax debt and minimize any consequences for failing to pay on time.