An installment plan is often used by taxpayers who are unable to pay off their full back taxes at once. It allows you to pay off the amount you owe over a period of time. The most important thing is to make sure you can comfortably pay the payment each month. Once you arrive at an agreement with the IRS, they will expect you to pay on time each month. Missing a payment can result in the agreement being nullified.
If you owe a large amount or excessive fees and penalties, then you might be able to negotiate a lower amount with one of the other IRS programs. Once you have negotiated the lowest possible amount, the remaining balance can be set up on an installment agreement. If you have extenuating circumstances, then by all means do try to get the amount owed lowered before setting up your agreement. Once you and the IRS have agreed upon a monthly plan to repay the back taxes, they will consider the back taxes correct and fully repayable.
In just about all cases, you can file an appeal with the IRS if you are not happy with their decision. You may feel like they’ve overlooked important evidence in your case. Or your situation may have changed recently making it difficult to repay your back taxes. Filing an appeal can stave off any type of action that the IRS is set to take such as a wage garnishment or tax levy. If you’re currently in a situation where the government is about to take an action against you to collect past due taxes, you must work quickly.
In some cases where taxpayers have serious accidents or illnesses, the IRS might revisit the agreement, but normally it must be paid back according to the terms laid out. If you believe you qualify for any type of tax break on the amount owed or the penalties, it can help your case to work with a professional organization such as The Tax Resolvers. Our people have the experience and resources to inform you of all your program options and help you apply for the right assistance.
Since IRS laws and statues can be so perplexing, many people choose The Tax Resolvers to assist them in filing their case. We will examine your finances and tax liability, then give you all the available choices. Please contact The Tax Resolvers if youd like to learn more about all the ways you can reduce the amount you owe on taxes and set up an installment plan. Our people are ready to help you navigate the maze of confusing IRS programs.
Don’t try to fight the IRS alone, our tax professionals can help!
