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What Happens If You Owe the IRS in 2020 But Set Up an Installment Plan in Previous Years?

The economic struggles of 2020 have caused enough stress already, but this can quickly be amplified if you expect to pay in when tax season arrives. Even worse: paying in when you’re already dealing with an installment plan to deal with debt from previous years. Keep these considerations in mind as you seek a solution […]

Determining Your IRS Installment Agreement Amount When the Future Is Uncertain

Determining the right amount for IRS installments is never easy, but this takes on a whole new level of confusion when you lack confidence in your financial future. If, for example, you anticipate layoffs at your place of employment, you won’t be in a position to take on an ambitious payment plan. Still, it’s important […]

Can You Renegotiate Your IRS Installment Agreement? Should You?

You’ve faithfully paid your IRS installments for months or even years. Circumstances change, however, and the arrangements that previously worked may no longer be ideal. Now, you face a difficult decision: renegotiate your installment plan or stick with the status quo? Using the IRS Online Payment Agreement Tool In some cases, it’s easiest to make […]

Should You Set Up an Installment Agreement With the IRS or Try for an Offer in Compromise?

You’re desperate for a solution to your tax debt. Two main options exist: the installment agreement and the offer in compromise (OIC). Each approach holds numerous advantages and challenges. Choosing between them can be confusing — and the wrong selection could set you up for a world of trouble. Keep the following considerations in mind […]

Can You Use an Emergency Business Loan to Pay Down an IRS Business Installment?

As a business owner with major tax debt, your installment agreement may be all that stands between you and aggressive action from the IRS. As such, an inability to pay installments will naturally stress you out. If you’ve sought a temporary solution to help you get back on track, the possibility of an emergency business […]

What Happens if You Default on an IRS Installment Agreement For Your Business?

After dealing with IRS business debt, you found a great solution: an installment plan to keep payments manageable. Unfortunately, despite trying your best to keep up with the agreement, you’ve defaulted on your plan and are scrambling to figure out next steps for minimizing the damage. What Are the Consequences of Defaulting? Fines are bad […]

IRS Installment Agreements for Businesses: How Do They Work?

Many individuals take advantage of IRS installments to keep tax debt from getting overwhelming — but did you know that this option is also available for businesses? Installment agreements address tax debt by building in plenty of time to tackle the issue little by little. Keep reading to learn how these agreements work: How can […]

What If an Emergency Makes It Impossible to Pay Your Monthly IRS Installment?

You’ve done the hard work of establishing a monthly IRS installment plan — and until recently, you’ve managed to make every payment on time. That all could change if an emergency situation comes into play. Below, we highlight your best options for handling emergencies that make it impossible to pay your IRS installment on time: […]

What’s the Least Amount of Money You Can Pay Per Month on an IRS Installment Plan?

Installment plans are among the most commonly relied upon options for handling tax debt. While the IRS encourages high payments in the interest of settling debt quickly, this simply isn’t realistic for most people. Thankfully, IRS installment plans offer a variety of options that can be worked into sparse budgets. Read on to learn more […]