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Installment Agreement Direct Debit Frequently Asked Questions

This information is straight from the IRS website. Links provided and Q&A below. To help people facing the challenges of COVID-19 issues, the IRS through the People First Initiative will temporarily adjust and suspend key compliance programs. Installment Agreement Direct Debit Frequently Asked Questions For taxpayers under an existing Installment Agreement, payments due between April […]

How Much Should Your IRS Monthly Payments Total?

Tax debt can be incredibly stressful, but it’s possible to dig yourself out of this financial nightmare without draining your life savings all at once. For many taxpayers, monthly payments represent the most realistic solution. Determining your payment level can be tricky, however — especially if you’re already struggling to make ends meet. Keep the […]

Owe the IRS? Options Other Than ‘Currently Not Collectible’ For Dealing With Your IRS Debt Safely And Strategically

While ‘Currently Not Collectible’ (CNC) status can provide considerable financial relief to some struggling taxpayers, it’s not a viable option for everybody. What’s more, CNC comes with its fair share of downsides. Whether you fail to qualify for CNC or prefer to take a different route, it’s important to get a better sense of your […]

5 Common IRS Payment Plan Mistakes to Avoid

It’s time for a sigh of relief — you applied and were approved for an IRS payment plan. Now, it’s up to you to abide by the terms of that agreement. Failure to do so could lead to additional fees or other harsh consequences. The following are five of the easiest ways to destroy your […]

Your IRS Tax Payment Plan: What Should You Expect?

Perhaps for 10 years before the housing bubble burst in 2008, you ran a small real estate business. When the market crashed, you closed your doors and changed careers, leaving that chapter behind you. Now you just received a letter from the Internal Revenue Service, claiming that you owe $30,000 in back taxes, interest, penalties […]