IRS Installment Agreements: Payment Plans for Tax Debt If you can't pay your taxes on time in the United States, you may file a so-called "installment agreement" with the Internal Revenue Service (IRS). If the IRS grants the request, the agency will establish a payment plan so that you can make monthly payments on your [...]
IRS CP523 Notice: What Happens When You Default on a Payment Plan? During the tax season, people may find that they owe more taxes than they can pay. When this happens, the Internal Revenue Service (IRS) allows taxpayers to establish payment agreements to pay their tax burden. In most cases, the taxpayer must make a [...]
IRS Payment Plans: Installment Agreements and Tax Debt Relief Options Form 9465 is what you need to fill out for your installment agreement request. The IRS will look over and review your request but don’t be deterred if your first request gets shot down. You are in a negotiation, so fight your corner and only [...]
IRS Tax Penalties: Failure to File, Failure to Pay & Penalty Relief The Internal Revenue Service (IRS) and State taxation authorities charge a variety of tax penalties in order to ensure taxpayers remain in compliance with tax law. Typically, the severity of tax penalties assessed depends on the violation at stake. Taxes are generally assessed [...]
IRS Installment Agreements and Tax Payment Plans Can’t pay your back taxes off in a single lump sum like the IRS expects? If you receive a notice that you owe money on your income taxes, an IRS installment agreement (IA) or short-term payment plan could be the solution you need. It breaks your balance down [...]
Federal Income Taxes: Filing Requirements, Deductions, and Tax Relief Most people in the United States must file their tax returns with the Internal Revenue Service (IRS) each year. However, tax law is complicated. Tax attorney spend a lot of time studying local, state, and federal tax codes, and it often takes years of practice to [...]
Federal Tax Liens: Consequences and Options for Resolution When the IRS contacts you regarding taxes owed and you do not respond in a timely manner, you can issue a federal property tax lien. This is a serious event that may affect you in many different ways, but be aware that you have options to resolve [...]
IRS Debt Forgiveness Programs and Installment Agreement Options Thanks to various programs, particularly the New Start Initiative (or NSI, there are numerous types of debt forgiveness from the IRS. Current non-collectible status It is very rare, but the IRS may consider that your tax debt is currently not collectible. This means that they will put [...]
IRS Tax Audits: What to Expect and How to Protect Your Rights The IRS has the ability to randomly select one of your tax returns to verify that everything submitted is correct. These random checks are to cut down on tax fraud, but if you’ve made an honest mistake with reporting your numbers then you [...]
Understanding Tax Debt: Penalties, Collection, and Resolution Options The General Tax Law itself defines the Concept of Debt Article 58.1 says that "it will be made up of the quota or amount to be paid that results from the main tax obligation or the obligations to make payments on account." Therefore, we find two types [...]
