1 Answer

The I.R.S. does issue extensions, but I'm not sure those extensions are so long-term as you seem to think they are. Nothing that you can't correct, but you will probably end up with some penalty fees and accrued interest to pay. Regardless, you would be best off to address it as soon as possible. If for some reason you can't pay last year's taxes, you might want to at least advise them of your hardship. At least that way it doesn't look like you just tried to blow them off. I sincerely mean this, as they can freeze checking and savings accounts and make life Hell. I've seen them do this with people, so you are best to stay on good terms with them. Perhaps start a small payment plan if you have to...but don't just completely ignore them, or they'll just do what they think they have to do to get what is owed them!