#IRSPaymentPlan

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IRS Payment

IRS Penalties and Payment Plans: What You Need to Know

By law, the IRS may impose penalties on taxpayers who fail to file a tax return or pay their owed taxes by the deadline. If you’re unable to pay your tax bill by the due date, the remaining balance is subject to interest and a late payment penalty. Additionally, there is a significant penalty for failing to file your tax return on time. This makes it essential to file your return promptly, even if you cannot pay the full amount immediately, to avoid extra charges.

Benefits of Filing and Paying on Time

Filing on time offers several advantages, including:

Avoiding Additional Penalties and Interest: Filing on time can prevent extra charges from accumulating on your account.

Avoiding Refund Offsets: Timely filing helps you retain any upcoming refunds you may be due.

Facilitating Loan Applications: A clean tax record can prevent issues when applying for loans.

What If You Can't Pay the Full Amount?

If you can’t pay the full balance owed, consider paying as much as possible and exploring IRS payment options. A payment plan, or installment agreement, is an option that allows you to pay off the owed taxes over an extended period.

How IRS Payment Plans Work

Requesting an IRS payment plan, with certain exceptions, typically prevents the IRS from levying assets and temporarily halts the collection period while the installment agreement is pending. This plan is especially helpful if you believe you can pay the full balance over an extended timeframe.

Types of Plans: Short-term payment plans are available if you can settle your debt in full within a few months, and they generally do not incur user fees.

Pending Requests: While a payment plan request is under review, collection actions are suspended. If the request is rejected, collections are suspended for an additional 30 days.

With a payment plan in place, you can avoid immediate penalties, manage payments over time, and stay compliant with IRS requirements.

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Learn about the most common questions about IRS payment plans from the experts at Platinum Tax Defenders. IRS payment plans options offered by the IRS.

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IRS Installment Agreements

IRS PAYMENT PLANS

An installment agreement allows the taxpayer to pay back  tax debt over a period of time.  If the IRS accepts your installment agreement, it will usually release the IRS levy on your bank account or employer’s wage order.   There are several different types of installment agreements.

1.  Guaranteed  Installment Agreement -

This is the simplest type of payment plan  and is for taxpayers who owe $10k or less in taxes.  If you enter this type of agreement with the IRS, you don't have to show them your financial documentation.

2.  Streamlined  Installment Agreement

This payment plan is intended for taxpayers that have tax debt  of $50,000.00 or less  It is deemed “Streamlined”  because the taxpayer is usually not required to submit proof of assets with the request.

3.  Financially  Verified Installment Agreement

If you more than $50,000.00, or you can’t  make the minimum monthly payment on a Streamlined Installment Agreement, you can file a financially verified installment agreement. It requires you to fill out IRS Form 433 to fully verify your financial  situation. The amount of money you pay is calculated on a formula of your income and expenses as well as allowed expenses by the IRS.

4.  Installment Agreement Over $100,000

If you owe over  100k, then you need a longer term installment agreement.  Sometimes in this case,  the IRS  will require you to sell off assets to satisfy some of your debt  before agreeing to an installment plan. We don't recommend that you negotiate the installment agreement yourself.  If you call the IRS to set up a payment plan, the agent will ask you for your financial information regardless of how much you owe.  They will also ask you where you work and where you bank.  Radha Rothrock is a tax attorney in Naples, Florida.  Part of our firm's practice is negotiating with the I.R.S. to pay back the taxes you owe.  We will not provide the I.R.S. information about your finances unless it is necessary for negotiations.  Also, we are familiar with the complex set of  formulas that the IRS uses in calculating the amount of money that you have to pay back.  If you are not familiar with the formulas, you will usually end up making a higher payment per month. Read the full article

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The tax professionals at Flat Fee Tax Relief provide assistance to individuals struggling with unmanageable IRS tax burdens. To assess your tax situation and determine if you should enter into an IRS Installment, call our team for a free consultation.

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FLAT FEE TAX RELIEF - 1-866-747-7435

There are a number of IRS payment plans available to help you get relief from your tax debt. Call 1-866-747-7435 for details.

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