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 […]
We hope you’re doing well and staying safe during the quarantine measures we’ve been asked to implement. Remember, getting plenty of fresh air, sun, good food, and sleep are crucial to staying healthy. Oh, don’t forget to brush your teeth, floss, and use mouthwash (you’re welcome dentists!). Keeping a clean and healthy mouth is always […]
You held only the best intentions when you sought an installment plan with the IRS. Unfortunately, you have since discovered that your installments are too high for you to realistically handle. This is a terrifying discovery — fail to pay up, and you could be in for big trouble with the IRS. Thankfully, options are […]
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 […]
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 […]
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 […]
When you owe the government back taxes, you might wonder what steps to take to resolve your delinquencies. The Internal Revenue Service offers help for beleaguered tax payers through an installment program, allowing you to make payments instead of paying the whole amount at once. To request an installment plan, you will need to submit […]
We have a client who hired us several years ago with a smaller IRS tax issue totaling $20,000. We cleaned up the situation, put an IRS payment plan in place, and eventually moved on. He was successful in paying off his debt through the IRS payment plan and had a great business plan in place. […]