If you can't pay your taxes in full by April 15th, you should still file your return and pay what you can. The IRS offers payment plans that allow you to spread out the payments over time, reducing the late-payment penalty by half. These plans can be applied for online, by phone, or by mail, and can take up to 180 days for short-term plans and up to 72 months for long-term plans.
The IRS is targeting high net worth individuals with overdue tax returns since 2017. Letters have been sent to those earning $400,000-$1 million, with future expansion targeting higher earners. The IRS urges taxpayers to fulfill their obligations, warning of penalties and interest charges for non-filers. To avoid complications, individuals are advised to seek professional assistance for tax calculations and filing. This initiative aims to recover unpaid taxes from delinquent high-income earners.
