{"id":101605,"date":"2024-01-31T15:25:46","date_gmt":"2024-01-31T15:25:46","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/what-happens-if-you-get-audited-and-owe-money\/"},"modified":"2024-01-31T15:25:46","modified_gmt":"2024-01-31T15:25:46","slug":"what-happens-if-you-get-audited-and-owe-money","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/what-happens-if-you-get-audited-and-owe-money\/","title":{"rendered":"What happens if you get audited and owe money?"},"content":{"rendered":"

Going through a tax audit can be a daunting experience for anyone. But what happens if you get audited and find out that you owe money to the IRS? The answer to this question can vary depending on the specific circumstances of your audit and the amount of money you owe. Here is a general overview of what you can expect if you are audited and end up owing money.<\/p>\n

When the IRS audits your tax return, they will typically send you a notice detailing the discrepancies they have found. If you owe money as a result of the audit, you will be required to pay the amount owed within a certain timeframe. Failure to pay can result in additional penalties and interest being added to the amount owed.<\/p>\n

If you are unable to pay the full amount owed all at once, the IRS may be willing to work out a payment plan with you. This can allow you to pay off the debt over time in manageable installments. Keep in mind that there may be additional fees associated with setting up a payment plan.<\/p>\n

In some cases, the IRS may offer to settle your debt for less than the full amount owed through an offer in compromise. This can be a good option for taxpayers who are experiencing financial hardship and are unable to pay their tax debt in full. However, not everyone will qualify for an offer in compromise, and it can be a complex process to navigate.<\/p>\n

If you ignore the notice from the IRS and fail to pay the amount owed, they can take more aggressive actions to collect the debt. This can include placing a lien on your property, seizing assets, or garnishing your wages. It’s essential to address any tax debt promptly to avoid these consequences.<\/p>\n

Ultimately, the best course of action if you find yourself owing money after an audit is to work with the IRS to find a resolution. Ignoring the problem will only make it worse, and can lead to more severe consequences down the line. By being proactive and seeking assistance, you can find a way to address your tax debt and move forward with peace of mind.<\/p>\n

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