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April

IRS Payment Plan

Failing to file an annual tax return is a federal crime punishable by civil penalties. It is not a crime, however, if you are unable to pay your taxes. Every year millions of US taxpayers find themselves with an unexpected tax liability. The IRS has created payment plans that can be paid in installments for this reason. Installment plans usually come with some penalties and interest, usually around 6%, so first consider making a comparison and borrowing in order to pay in full and making arrangements with a credit card or loan officer. If you are facing overwhelming debt from IRS penalties and interest or are at risk garnishment and levies please contact us to learn about additional options that are available to you.

IRS Payment Plans (Installment Agreements)

How your IRS Installment Agreement is structured depends on how much you owe. Those with an outstanding tax liability of less than $50,000, including outstanding penalties and interest, must complete IRS Form 9465 (Installment Agreement Request). This form determines your financial worth, based on property and assets, car payments, child support payments and other miscellaneous sources of income/debt obligations.

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Those with an outstanding tax liability of more than $50,000, including outstanding penalties and interest, must complete IRS Form 433 (Installment Agreement Request) in addition to IRS Form 9465. This form determines your financial worth, based on lines of credit including access to credit cards, checking, online, mobile (e.g. PayPal) and savings accounts, Certificates of Deposit, Trusts, Individual Retirement Accounts (IRAs), Keogh Plans, Simplified Employee Pensions, 401(k) Plans, Profit Sharing Plans, Mutual Funds, Stocks, Bonds and other investments real estate and other assets.

It is important that you consult with a Tax Attorney in order to get an accurate and advantageous picture of your financial situation, especially when completing IRS Form 433.

Payroll Tax Installment Agreement

Small businesses with a payroll tax liability can apply for an In-Business Trust Fund Express installment agreement if the total amount owed is less than $25,000.

Partial Pay Installment Agreement

There are currently additional payment options available to taxpayers and their businesses with an outstanding tax liability that cannot pay in full. Again, these plans will not help you avoid penalties and interest. Qualifying taxpayers can elect The Partial Pay Installment Agreement to set up either a short-term payment extension or a monthly payment plan. The Installment Agreement allows additional time to pay the liability beyond the 120 day short-term extension with a reduced monthly interest penalty of .25% down from 5%. Those serving in the military or who are living in disaster areas may qualify for an installment agreement with zero-interest or zero-penalty.

Currently Non-Collectible

Accounts may be reported CNC for a variety of reasons, but are most commonly reported due to bankruptcy, inability to locate taxpayer or assets, expiration of assessment or collection period or because the liability would create an undue financial hardship. These types of IRS payment plans are incredibly difficult to qualify for, but if you do, many times the tax debt is completely forgiven. That’s why a seasoned tax attorney is so effective setting up this issue, as they have the experience to stack the odds for CNC in your favor!

IRS Payment Plan Tax Attorney

Electing a Tax Attorney to represent you when facing a state tax debt will not only save you time, but bring you a sense of freedom. Before we can help, you must help yourself and contact a representative to get the best defense. Such matters must and should be settled by professionals.

A personal account manager is assigned to you during this process to guide you through and explain necessary information related to your account, while steering you clear of the exhaustive details. Meanwhile, your defense is being built on extensive research of your return and the items to be audited including any supporting documentation that supports our defense.