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 […]
You went to great lengths to score an IRS payment plan. While it’s only natural to experience a rush of relief, it’s dangerous to get too comfortable. Mess this up and you could face a series of truly harsh consequences. It’s time to get your finances in order — here’s how to get started: Set […]
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 […]
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 […]
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 […]
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 […]
So you negotiated a payment plan with the IRS, and the agency is leaving you alone. Collection calls and demand letters have ceased, but you recently missed a payment deadline. What can you expect if you miss a payment on your IRS payment plan? Here’s the simple answer: Communication is Your Friend Contact the IRS […]
When you owe the IRS money, the agency offers a few repayment options to help you settle your debt. Additional time to pay. If you can’t pay now but are confident you can get that money within the next 60 to 120 days, your best option may be to request a brief extension through the […]
You negotiated an installment plan with the IRS, and they have been leaving you alone. As long as you continue to make that payment, IRS calls and letters are on hold, and everything is okay. To keep things running smoothly throughout the length of your installment plan, here are five things to keep in mind: […]
You have filled out your taxes and filed your IRS forms. There’s only one minor catch – you can’t afford to pay. The government might agree to an IRS installment plan so that you will not be subject to further collection actions. The minimum amount of monthly payments varies, depending on how much you owe. […]