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Life After Setting Up an IRS Installment Agreement: How to Get Off the Treadmill and Back to Zero with the IRS

It’s time to breathe a sigh of relief — you have successfully set up an installment payment and are on the path to getting back in the good graces of the IRS. Unfortunately, you’re not quite out of the danger zone. Keep the following suggestions in mind as you strive to complete your installment plan: […]

What Are the Ways You Can Set Up an IRS Installment Agreement?

If you’ve fallen behind on your taxes, an installment agreement may be your best bet for staying out of trouble with the IRS. Setting up this agreement can prove surprisingly difficult, however. In addition to completing piles of paperwork, you’ll need to offer substantial documentation underscoring your current financial situation. Even so, this approach remains […]

Can You Negotiate Another IRS Installment Agreement If You Owe Taxes From a Previous Year?

The unfortunate reality of tax debt is that it’s rarely resolved in one fell swoop. Even those fortunate enough to secure favorable installment plans may suffer additional tax debt in the future. After all, the financial issues that lead to those initial tax problems are unlikely to disappear immediately. Your failure to adjust your installment […]

Did You Miss an IRS Installment Agreement Payment? Here’s Your Checklist of What to Do Next

An IRS installment agreement can provide much-needed relief from the burden of tax debt. That relief hinges, however, on your ability to make installment payments on time. Life happens, and sometimes, even the most responsible taxpayers miss payments. The consequences can be harsh, with your account potentially going into default if you fail to take […]

Applying Online for an IRS Payment Plan: The Basics of the OPA

You are eager to finally pay off your IRS balance and get in the clear. Unfortunately, determining a path forward can prove surprisingly tricky. As you assess your options, you may eventually find that the OPA is your best bet for setting up a realistic payment plan. However, this option is not ideal for every […]

Do’s And Don’ts When Setting Up Your IRS Payment Plan

If you’re behind on your taxes and struggling to pay up, a payment plan with the IRS may be your best option for avoiding stiff penalties. Unfortunately, setting up such a plan can prove surprisingly difficult. Below, we offer a few key do’s and don’ts to help you navigate the payment plan process: Do: Determine […]

The Top 3 IRS Payment Installment Agreements: A Quick Overview

If you’re unable to immediately pay your taxes but believe you could within the next few months, you may be a prime candidate for an IRS payment installment agreement. Read on to learn more about the various types of agreements — and to determine which is appropriate for your situation: Short-Term Payment Plan Looking to […]

What Happens If You Fall Behind On Your IRS Installment Payments?

You failed to pay your taxes on time but were fortunate enough to score an installment agreement. Now, however, you’re also struggling to keep up with your payment plan. Unfortunately, the IRS might not be so forgiving this time. Below, we highlight a few of the best-case and worst-case scenarios you can expect to face […]

4 Mistakes Small Business Owners Make When They Owe the IRS

If you’ve just found out your small business owes substantial taxes to the Internal Revenue Service (IRS), it’s time to start planning for how to handle your tax liability immediately. Failing to do so could lead to even greater penalties and interest as well as the IRS putting a lien on your assets, seizing cash […]