For most people, personal finance is a deeply private matter and the idea of revealing their personal financial information to anyone, especially total strangers, can often cause fear and anxiety.
For taxpayers who find themselves unable to pay their tax liability in one lump sum, the IRS offers installment agreements as a solution that is beneficial to both the taxpayer and to the IRS.
When you’re faced with tax debt that you do not have the ability to pay in full, you should ideally contact the IRS to apprise them of your situation and work out a payment plan. However, if you do not work out payment arrangements with the IRS, or you default on your payment agreement, the IRS may begin to take increasingly hostile collections actions against you.
The IRS installment agreement program provides a lifeline to taxpayers who owe back taxes and are unable to pay them all at once. If you set up a payment plan, the IRS will cease enforced collection activities while you pay your taxes in monthly installments over a period of time.
If you have been procrastinating about filing your 2017 tax return or have unfiled tax returns for prior years, you need to consider the consequences, such as penalties, interest, and aggressive IRS collection actions.
The IRS has the authority to enter into payment plans with taxpayers who owe back taxes. In a effort to streamline the processing of these agreements the IRS continues to test expanded criteria for taxpayers requesting installment agreements.
The IRS recently announced a pilot program expanding the ability of taxpayers to qualify for Streamlined Installment Agreements. The test will be conducted through September 30, 2017.
When you owe back taxes an installment agreement can be extremely helpful in solving your IRS tax problems.
If you have fallen behind in paying your income taxes the IRS will normally let you to set-up an installment agreement or payment plan to pay back taxes.
The IRS recently updated Form 9465 used by taxpayers to request an installment agreement or payment plan to pay back taxes.