. >> this is a hectic time for accountants allan rosen and mchael schwartz and their staff in the thickpreparing more than 1,000 tax returns before april 17, a lot of their clients owe money but can't pay it by april 15. >> it's my job to tell them, okay, let's plan this out. >> hands down the most important thing, no matter how much you can or cannot pay is to file your tax return on time. >> if you don't, the internal revenue service will charge a penalty of 5% of what you owe per month. plus heavy interest on top of that. >> also important when you yo money is to face the problem head on. the irs has payment plans that may very well help you in your particular financial situation. >> the best is to pay as much as you can by the prapril deadlineo minimize penalties and interests. if you can pay the full bill within 120 days, you'll still pay penalties and interest but there's no irs fees to set up the plan. an installment plan is more expensive, you'll pay to set it up and it will cost more in interest and penalties depending on the interest and the term. and there's a six-year maximu