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Tag: Installment Agreement

When Will the IRS Forgive Tax Debt?

tax debt

The IRS does offer tax debt forgiveness options that settle your tax debt for less than what you owe. However, eligibility for these programs is based on your financial situation, so not all taxpayers will qualify. Offers in Compromise The Offer in Compromise (OIC) program provides tax debt forgiveness if your offer is accepted and… Read more »

5 Types of IRS Tax Installment Plans and Agreements

Installment agreements and Offers in Compromise

  Owing money to the IRS is common for almost every working individual in the US.  However, a lot of these affected individuals are not aware of the payment options available to them. The IRS has set up tax payment options that can be applied for people in different financial situations. This is established through… Read more »

CAN’T PAY YOUR TAXES? HERE’S WHAT TO DO:

what to do if you can't pay your taxes

Are you unable to pay your taxes before the fast approaching filing deadline? Are your tax bills amounting to an outrageous sum that you cannot be able to clear in time? Whatever the case, pending bills, more so taxes, can be quite the headache because failure to pay up can damage your credit score, cost… Read more »

What If You Can’t Make the Minimum Monthly Installment Payment?

IRS installment agreement payments

  If you find yourself unable to make the minimum monthly installment payment, you can negotiate a monthly payment amount that fits your budget by completing Form 433-F and working with the IRS employee assigned to your case. However, you’ll need to show that your financial situation justifies a payment below the typical IRS standards.

How Long Does It Take to Pay Off IRS Tax Debt?

Tax Debt

  Several factors will influence how long it takes to pay off your tax debt, including the amount of your balance, how old the tax debt is, and your overall financial situation. You may be able to settle your tax debt relatively quickly if you have low income and few assets. In other cases, you… Read more »

3 Ways to Pay Off Your Installment Agreement Faster

How to pay off installment agreement quicker

If you want to pay off your installment agreement faster, you have a few different options. The flexibility offered by IRS payment plans allows you to pay more if you are able to, which allows you to cut down your balance and minimize penalties and interest.

How Bankruptcy Affects IRS Collections

bankruptcy and the IRS

  Bankruptcy and the IRS Bankruptcy may temporarily delay collection activities by the IRS. However, some types of tax debt are not dischargeable in bankruptcy, so the IRS may be able to resume their collection efforts once the automatic stay is lifted.

5 Ways to Stop an IRS Levy

How to Stop an IRS Levy

  How to Stop an IRS Levy When the IRS is about to levy your assets, you should look for any possible opportunities to stop or delay the levy. Once the levy happens, it’s very difficult to get that property back, but there are several ways to stop a levy before it takes place.

What is the Difference Between a 433 A, B and F?

IRS 433 Forms

  IRS Forms 433-A, 433-B, and 433-F – An Overview The IRS has three information collection statement forms namely IRS Form 433A, IRS Form 433B, and IRS Form 433F. Their basic function is to relay to the IRS your financial assortments in a structure of the IRS’s choosing. That way the IRS is able to… Read more »

How to Avoid the Consequences of an IRS Payment Plan Default

late installment agreement payments

Help! I Defaulted On My Installment Agreement! The Service and the taxpayer base installment agreements on the taxpayer’s current financial status and a lot of speculation. Sometimes, financial abilities change and/or the guesses about future events are just plain wrong. As a result, the dreaded CP523 notice is rather commonplace.   Here is what to do… Read more »