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Cash Payment Option for Income Taxes

05.11.2016

money flying bills dollarThe IRS announced that taxpayers now have the option to pay their income taxes in cash. The IRS has partnered with ACI Worldwide’s OfficialPayments.com and the PayNearMe Company to allow individuals to make cash payments at participating 7-Eleven stores. This option provides a new way for people who can only pay their taxes in cash without having to travel to an IRS Taxpayer Assistance Center.

The cash payment option involves a multi-step process where individuals who wish to make cash payments should visit www.irs.gov/payments and select the cash option in the section marked for other ways to make payment and follow the instructions therein. The IRS warns taxpayers who choose the cash payment option to begin the process well ahead of the tax deadline to avoid interest and penalty charges.

The IRS continues to offer the IRS Direct Pay option, which offers individuals the fastest and easiest way to pay their taxes directly from a checking or savings account. In addition, tax bills may be paid via check or credit card.

Roy H. Kramer, CPA/PFS, CDFA, CDS, NSSAIf you have questions about this new payment method, please contact your tax advisor or Roy Kramer, Partner, Tax Services, at 314.983.1265 or rkramer@bswllc.com.

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