Do you remember that old commercial jingle for 7-Eleven that sang “Oh, thank heaven for 7-Eleven”?
Well, the household name in convenient stores has become even more convenient for a new reason— taxpayers are now officially able to pay their tax bills at over 7,000 7-Eleven stores across the country.
This recent initiative from the Internal Revenue Service is designed to give additional options to individual taxpayers without a bank account or credit card to pay their tax bill. An article in Forbes quoted IRS Commissioner John Koskinen stating, “We continue to look for new ways to provide services for our taxpayers. Taxpayers have many options to pay their tax bills by direct debit, a check or a credit card, but this provides a new way for people who can only pay their taxes in cash without having to travel to an IRS Taxpayer Assistance Center.”
Taxpayers can now pay their tax bill in cash at participating 7-Eleven convenience stores in 34 states, many of which are open 24 hours a day, 7 days a week. Before this most recent development, taxpayers without a bank account or credit card would have had to trek to an IRS Taxpayer Assistance Center to settle their bills with the IRS.
However, the IRS website still reminds taxpayers that the fastest and easiest way to make a tax payment is online. If taxpayers still prefer, or have no other option but, to pay in cash, the IRS further emphasizes that the cash payment process through 7-Eleven stores should be done well in advance of the due date.
There are several steps, (listed below), involved in this process, and although fairly straightforward, can take several days to complete from start to finish.
Participants will receive an email from Official Payments confirming their information, which the IRS will then verify. This process may take up to three days to complete.
Once the personal information has been verified with the IRS, PayNearMe will send an email that contains a link to a special payment code and further instructions. Taxpayers may either print the payment code at home or opt to have it sent to their smart phone.
The PayNearMe email will also include a specific 7-Eleven store location. Once at the location, taxpayers should ask the clerk to scan or enter the payment code. Participants will then make their cash payment, and should receive a receipt from the store. As a professional tax lawyer in San Mateo County, I urge anyone utilizing this method to keep the receipt for their records as confirmation of the cash payment, just in case there are any processing issues. The payment should post to the individual’s account in 2 to 3 business days.
Taxpayers should also be aware that each cash payment made at 7-Eleven stores carries a $3.99 fee, and payment limits are $1,000 per day. For taxpayers that are making payments over $10,000, there is a special cash reporting section on IRS Form 8300 that must be filled out and return to the IRS.
For many the convenience of filling up the gas tank, picking up a cup of coffee, and paying their IRS tax bills in one stop just can’t be beat. However, no matter what strategy individuals use to pay their taxes, as an experienced tax attorney in San Mateo County I recommend that all taxpayers have their taxes prepared by a professional to avoid any possibility of issues with the IRS.
Tax Helpers provides you with an expert tax attorney in San Mateo County to help with your tax challenges. Contact us today to find the answers to all of your tax questions!