IRS PAYMENT PLANS: Anyone can call the IRS and end up in a very bad payment plan or IRS installment agreement. If you call the IRS and request a payment arrangement, the IRS will dictate to you what the payment plan will be. Most likely, you will accept it because you are frightened, overwhelmed with anxiety and “you just want this to be over”. And that, as they say, “is that”. You are now stuck in an IRS payment arrangement that most likely will fail and you will have more IRS problems in the future. What you don’t know are the following:
1. Is the balance of your IRS Tax Debt accurate?
2. Is your IRS Tax Debt be reduced further?
3. Are you eligible for an IRS Offer in Compromise?
4. Can an IRS Penalty Abatement reduce your Tax Debt further do to Reasonable Cause?
5. How close are you to the Statute of Limitations?
6. Can you be declared Currently Uncollectible?
These are some of the pertinent questions that need to be answered before you agree to any IRS Installment Agreement.
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Here are a few common questions and answers:
Q. What Happens If I Miss an Installment Payment?
Throughout the term of an installment agreement, your payments must be made on time. If you miss by 1 day, you have defaulted. Failure to make timely payments will default your agreement. A default of your installment agreement will cause the filing of a Notice of Federal Tax Lien and/or an IRS Wage Levy action (IRS Wage Garnishment/IRS Bank Levy). If you agreed to an IRS Payment Agreement that was more than you could really afford, you can expect to fail and default on your IRS payment plan.
Q. Will a Notice of Federal Tax Lien be filed on an Installment Agreement?
The IRS generally may still file a Notice of Federal Tax Lien to secure the government’s interest against other creditors. A notice of federal tax lien (IRS Tax Lien) will be attached to your personal or real property until your final IRS payment is made. The notice filing could have a negative impact on your credit rating. When you call the IRS on your own, while your anxiety level is at an “all time high,” you are apt to agree to anything the IRS dictates to you, you will not be told that the IRS will also file an IRS Tax Lien after you made the IRS Payment Arrangement. Now you’re thinking that you just took care of your problem. You have an IRS payment plan / IRS installment agreement and everything is just fine. Don’t be surprised if you find out later on (when you want to purchase a home, re-finance your house, get a credit card or purchase a car), that you find that you have a Federal IRS Tax Lien on your credit. Once the IRS records an IRS Tax Lien, the chances of having it lifted are remote.
Meeting the Terms of an Installment Agreement
Besides making installment payments on time, the terms of an installment agreement require that all Unfiled Tax Returns required be filed and payments (including any Estimated Tax payments or Federal Tax Deposits) due during the life of the agreement be made timely. If you have Unfiled Tax Returns, FLAT FEE TAX SERVICE will bring you into IRS Compliance and 9 times out 10 filing your Unfiled Tax Returns will reduce your IRS Tax Debt substantially.
Before you enter into any payment plan or installment agreement with the IRS, you should consult a Tax professional experienced in tax resolution.
Factors involved what you should pay back to the IRS include but aren’t limited to:
1. Your gross monthly income.
2. Total household income.
4. Type of Assets.
6. Allowable Expenses.
Flat Fee Tax Service provides a free consultation.
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