More taxpayers this filing season could be surprised with tax bills they aren’t expecting. For those who can’t pay in full, the Internal Revenue Service suggests they set up a payment plan, the agency said in a Feb. 13 press release.
- Taxpayers can apply for long- (more than 120 days) or short-term payment plans to pay off tax debts
- Individuals can also temporarily delay tax collection depending on financial status
- Some taxpayers are discovering they are receiving significantly smaller refunds this season after the IRS implemented withholding changes following the 2017 tax overhaul
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.