Over the last year, the IRS has recognized the financial burden many taxpayers are facing due to the COVID-19 pandemic. The agency modified a number of ways it collects back taxes, including the introduction of installment agreements that don’t require a financial statement for some taxpayers who owe the IRS…
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.
The IRS installment agreement program gives taxpayers who owe back taxes the ability to pay their debt over time. If you set up a payment plan, the IRS will cease enforced collection activities while you pay your tax debt in monthly installments over a period of time. For many taxpayers,…
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.
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.