The Collection Process Topic - 201 - From ALABAMA'S # 1 TAX SERVICES

If you do not pay in full when you file your tax return, you will receive written notice of the amount you owe, a bill. This bill starts the collection process, which continues until your account is satisfied or until the IRS may no longer legally collect the tax; for example, when the time period for collection has expired.
The first notice you receive will be a letter that explains the balance due and demands payment in full. It will include the amount of the tax, plus any penalties and interest added to your unpaid balance from the date the tax was due. You may pay the amount due by sending the IRS a check or money order, payable to the United States Treasury, with a copy of the notice.
For detailed information on paying your taxes by credit or debit card, or other electronic payment, go to http://www.irs.gov/uac/Electronic-Payment-Options-Home-Page, or call IRS at 800-829-1040.
If you cannot pay in full, you should send in as much as you can with the notice. For tax payment options refer to Topic 202. The unpaid balance is subject to interest that will compound daily and to a monthly late payment penalty. It is in your best interest to pay your tax liability in full as soon as you can to minimize additional charges. You also may want to investigate and consider other methods of financing full payment of your taxes, for example by obtaining a cash advance on your credit card or a bank loan because the interest rate and any applicable fees your credit card company or bank charges may be lower than the combination of interest and penalties imposed by the Internal Revenue Code. Paying off your tax debt by using other financial methods also may keep your tax debt from negatively affecting your credit rating.

Infomation Source www.irs.gov

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