Tax Dictionary – Unpaid taxes
While most taxpayers get a refund from the IRS when they file their taxes, some do not. The IRS offers several payment options for those who owe taxes.
More from H&R Block
Any time you don’t pay the tax balance shown on your federal income tax return in full by the due date, you create a tax debt.
The IRS can charge penalties and interest on that debt, and those will add up until you pay off the tax debt.
The IRS will send you increasingly urgent notices requesting payment. If the IRS doesn’t receive a response, the IRS can begin enforced collection action, such as issuing a levy on your wages or bank accounts, or filing a federal tax lien.
Read the IRS definition of an in-business trust fund express installment agreement (IBTF express) and get more insight from the tax experts at H&R Block.
Learn more about IRS Letter 5039 and how to handle an inquiry of your business' income with help from the tax experts at H&R Block.
Learn more about notice CP162, why you received the notice, and your options to address an IRS penalty with help from the tax experts at H&R Block.
Learn about the IRS payment option called a streamlined installment agreement. Read the IRS definition and get more insight from H&R Block.