Ramsey Tells Caller Owing IRS $7,000 to Pay Now, Warns Penalties Worse Than Payday Lenders

Quick Read The IRS charges compounding daily interest rates above 3.75% plus a 0.5% monthly failure-to-pay penalty (capping at 25% of the balance), penalties that spiral faster than payday loans at 300-400% annualized rates. A taxpayer must immediately pay available funds toward IRS debt, set up an installment agreement at IRS.gov, and adjust W-4 withholding to prevent the same tax surprise next year. Have You read The New Report Shaking Up Retirement Plans? Americans are answering three questions an ...