There is no extension of time to pay taxes you owe, so interest and penalties will accrue from the day the tax is due – April 15 of the filing year. The IRS is a formidable creditor, and may garnish your wages or levy your bank account if you do not make an arrangement to pay your taxes. Depending upon your financial circumstances, you may be able to arrange an installment payment plan with the IRS. If the amount that you owe is greater than $25,000 or you are having a difficult time resolving your tax debt with the IRS directly, you may want to consider contacting a tax attorney who can assist you in negotiating with the IRS.