How does IRS installment plan work?
If you are a business owner struggling with expenses, enforcement could cause the demise of the business that you have worked so hard to build. If you are an individual, enforcement could eliminate your ability to provide the basics for yourself and your family.
In addition to these ramifications, if an Installment Agreement is defaulted, the government will be less inclined to agree to another Installment Agreement in the future. Therefore, it is extremely important to get the Installment Agreement done properly on the first try.
Our staff has extensive experience in negotiating Installment Agreements and assisting taxpayers with the paperwork that is necessary for obtaining an Installment Agreement. We can assure you that we will NOT set you up for failure by agreeing to monthly payments that you cannot afford.
After we negotiate a manageable Installment Agreement on your behalf, we will stay by your side and protect you from default. We understand that unexpected expenses may “pop up” in the future and that there may be a month or two in which it is difficult or impossible to make your installment payment. Rather than defaulting your Installment Agreement and exacerbating your tax problem, simply give us a call before your payment is due. Chances are, we can negotiate an extension for your payment or even make arrangements for you to “skip a month” without having your Installment Agreement default.
For more information, refer to our article on Installment Agreements.
Attorneys vs Accountants
Which is Best for You?
Any time a taxpayer incurs a balance due to the IRS, the IRS’s first response is almost invariably to demand that the debt be fully paid, immediately. However, in many situations, the taxpayer does not have the ability to fully and immediately pay the tax debt. This inability to quickly resolve the liability can lead
The CP523 notice of intent to levy intent to terminate your installment agreement is more or less saying that the agreement is in default and may terminate in 30 days. If the agreement does terminate, involuntary enforced collection action will commence. This could mean garnished wages, levied accounts receivable or levied bank accounts. This could
Recently I was engaged in a heated discussion with an IRS Settlement Officer. The subject was an Offer in Compromise (Tax Settlement) I had filed on a client’s behalf. The IRS did not want to approve our Offer because they noticed that my client had been late with a few tax payments during the time
Answer: Depending upon the specifics of your situation, it may be possible to avoid hundreds, or even thousands, of dollars in penalties simply by “designating” IRS installment payments applied toward your tax liability. Keep in mind that payments made in accordance with a formalized installment agreement are not considered voluntary, so you have no right
On December 4th, 2015 President Barack Obama signed into law the “Fixing America’s Surface Transportation Act” to improve the Nation’s surface transportation infrastructure. Also referred to as the FAST Act, the legislation included a provision which requires the Internal Revenue Service to outsource certain tax debts to private debt collection agencies. The idea behind the
Many individuals and businesses who fall behind with their taxes are struggling to make ends meet as it is, and the last thing they need is the added stress of having to figure out a way to resolve their tax debt. Many simply don’t have the ability to repay their entire tax liability in full,