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Tag: Installment Agreement

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

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

What to do if You Can’t Make the Minimum Monthly Installment Payment? 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… Read more »

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

Tax Deby

Factors That Indicate How Long It Takes to Pay Off IRS 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… Read more »

3 Ways to Pay Off Your Installment Agreement Faster

How to pay off installment agreement quicker

How to Pay Off Your Installment Agreement Faster 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 IR 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 determine… 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 »

Streamlined Installment Agreements: The Pros and Cons

IRS Streamlined Installment Agreement

More Taxpayers Now Qualify Under the Temporarily Expanded Program IRS agents are determined to take your money. At least they are also determined to make it fairly easy to pay. You just have to know the right places to look, and in many cases, an IRS streamlined installment agreement may be just the ticket.

What is a Non-Streamlined Installment Agreement?

Non-streamlined IRS Installment Agreement

An Income-Based Way to Retire Your Large Tax Debt In the closing minutes of Steven Spielberg’s Saving Private Ryan, a small group of American troops fell back to “the Alamo” for their last stand against an overwhelming German onslaught. Mostly due to the sacrifices of men like these, our personal liberties are guaranteed. However, our… Read more »