@jca “Just remember that the IRS can throw you in jail for not paying whatever”
This is a common myth that’s untrue. The reality of owing a tax debt isn’t quite that exciting.
There are no debtors prisons in the U.S. The IRS doesn’t have the power or authority to incarcerate anyone, and people don’t go to jail or prison merely because they owe taxes.
The IRS’s role is to collect taxes. The IRS can lien property and garnish wages. If the taxpayer is cooperative and forthcoming, the IRS will agree to reasonable, manageable installment payments.
People do go to prison for tax crimes. When the IRS uncovers criminal activity, it refers the case to the Department of Justice for further proceedings.
It’s criminal tax fraud to conceal assets and willfully fail to cooperate with tax authorities. Nobody should attempt to hide money or other resources.