Deal with the IRS for a decade
Did we mention that the government has the right to pursue unpaid taxes for 10 years? While there are certain appeals and exceptions for individual cases, if you’ve been a negligent taxpayer (or rather, non-taxpayer) you can look forward to a long and close relationship with the IRS.
The absolute best thing you can do if you’ve neglected to file or pay, says Green, is reach out to the IRS immediately.
It may seem counterintuitive, but the agency is more likely to look kindly on someone who admits they’re off track and wants to work it out than someone who has been lining the litter box with their notices. You may be able to negotiate a payment plan or even a reduction of the total owed.
“You shouldn’t panic upon getting a notice from the IRS,” says Green. “There is some recourse, but your options are more limited the longer you wait to engage.”
