If you owe taxes to the IRS, it can be stressful trying to figure out how to pay them back. Fortunately, the IRS offers several different options for taxpayers who are unable to pay their full tax liability at once. One popular option is an installment agreement, which allows you to make monthly payments over time until your tax debt is paid off.
If you have an installment agreement with the IRS, you may be wondering what happens if your payment is due on a weekend or holiday. The good news is that the IRS allows you to make your installment payments on the next business day if the due date falls on a weekend or holiday.
For example, let`s say your installment payment is due on Saturday, July 3rd, 2021. Since July 3rd is a Saturday and a federal holiday (Independence Day), you would have until the next business day to make your payment. In this case, the next business day would be Monday, July 5th, 2021.
It`s important to note that if your payment is not received by the due date (even if it falls on a weekend or holiday), you may be subject to late payment penalties and interest charges. Therefore, it`s recommended that you make your payment as soon as possible to avoid any additional fees.
If you`re struggling to make your installment payments, there are options available. You can modify or even defer your installment agreement by contacting the IRS and explaining your financial situation. The IRS may be able to offer you more lenient payment terms based on your ability to pay.
In conclusion, if your IRS installment agreement payment is due on a weekend or holiday, you have until the next business day to make your payment. However, it`s important to make your payment as soon as possible to avoid any potential penalties or interest charges. If you`re struggling to make your payments, reach out to the IRS for assistance in modifying or deferring your agreement.