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IRS Offers a New Way to Pay Taxes With Cash

Posted by Admin Posted on July 14 2016

IRS OFFERS A NEW WAY TO PAY TAXES WITH CASH

 

If you owe taxes, you should file and pay in full as soon as you can, which will stop the interest and penalties that you’ll owe. The best way to pay your taxes is with Direct Pay or other online options.

If cash is your only option to make a tax payment, PayNearMe may be the answer for you. Through a partnership with OfficialPayments.com and the PayNearMe Company, you can now make a payment without a bank account or credit card at more than 7,000 7- Eleven stores nationwide.

It generally takes five to seven business days to process your payment. Be sure to plan ahead of your due date to ensure timely posting of your payment.

Here's how it works. First visit IRS.gov/paywithcash and follow the instructions. Next, visit the OfficialPayment.com/fed secure payment website to enter your information and the amount you want to pay.

Like the other IRS payment options, Official Payments is a safe and secure way to pay your federal taxes.

They have been processing debit and credit card payments for the IRS since 1999 and was the first provider engaged by the IRS to do so. They will send you a confirmation email in about two to three business days to let you know your information was received, and they submitted it to the IRS for verification.

Once IRS verifies your information, you will receive an email from PayNearMe with instructions and the link to your payment code. You can either print the payment code or send it to your smartphone. To complete your payment, go to one of the participating 7-Eleven stores listed in your PayNearMe email and have the clerk scan or enter your payment code.

The receipt you get from 7-Eleven is confirmation of your sent payment. Keep it for your records. It usually takes two business days for your payment to post to your IRS account. At this time, PayNearMe is only available in 34 states.

Visit Approved Payment Locations to find a location near you. There is a $3.99 fee per payment with a payment limit of up to $1,000 per day. Other limits may apply

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please give us a call at 305-274-5811.

Source: IRS

The information provided on the LBCPA Blog is a community service for general information purposes only, and should not be used as a substitute for consultation with professional advisors who specialize in the topics covered. Please refer to your advisors for specific advice on these subjects. The information is not intended to be used, and it cannot be used, for the purposes of avoiding U.S. Federal and/or State tax laws or the tax laws of any foreign jurisdiction.

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