How does my Past-Due Tax Debt Seem to Grow Overnight?
May 15, 2023
So you file a personal income tax return and there’s a tax balance due that you can’t pay. Now what? The IRS or State records the tax debt on your account, and seemingly, overnight, the total balance owed begins to increase. How in the world and why??? To fully understand what happens with a tax debt, we have to start with the Federal and State Government’s viewpoint on tax debt accrual as a philosophy.